Crypto custodian BitGo and bitcoin financial services firm Swan plan to form a BTC-only trust company as a means of offering custody without exposure to the rest of the digital asset market.
The joint venture, which is subject to regulatory approval, will combine BitGo’s custody capabilities with Swan’s expertise in onboarding and fraud prevention. It would be the U.S.’ first Bitcoin-only trust company, according to a press release on Thursday evening.
“We believe the best model for the Bitcoin industry is the same battle-tested model that has been part of the U.S. financial industry for over a century: the separation of exchange and custody,” BitGo CEO Mike Belshe
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