BitCo and Swan Plan First Pure Bitcoin Depository Service in US

The United States may soon get the first bitcoin-only police service, or so they say projects Released on September 15 by BitGo and Swan Bitcoin. The joint venture has to be approved by the regulatory authorities before the planned launch.

The future company will carry out activities similar to a standard crypto custody service provider, including the custody, administration and management of Bitcoin (BTC) on behalf of investors. According to Swan CEO Corey Klipsten, it aims to provide pure Bitcoin custody without the risks of other altcoins under one roof.

“We’ve heard over the years from large customers, partners and other Bitcoin organizations that they want a pure Bitcoin software and services stack that’s strictly focused on best-in-class custody that leverages Bitcoin’s unique attributes,” explains Clipston.

The companies have been in touch with government regulators about their plans, but have yet to apply for official approval, Clipston confirmed to Cointelegraph on the matter. “We are first evaluating our acquisition options,” the CEO said.

As part of our long-term vision to advance Bitcoin adoption, we are announcing a major step forward for Swan and the entire Bitcoin ecosystem:

BitGo and Swan Announce Plans for America’s First Bitcoin-Only Trust Company

— Swan Bitcoin Adoption Team (@SwanBitcoin) September 14, 2023

BitGo offers digital asset custody and supports more than 700 cryptocurrencies, according to its website. In contrast, Swann’s business is entirely Bitcoin-centric and allows users to invest in Bitcoin through one-time and recurring purchases, holding records in Fortress Trust and Pact, with BitGo acting as a cold storage custodian.

The new company is targeting institutional investors such as asset managers, pension funds and family offices as well as governments and corporate fund managers. It will provide other Bitcoin-related services such as cold storage, anti-fraud, anti-money laundering and your customer protocols.