Fun

News Feed - 2023-09-16 02:09:40

Ana Paula Pereira6 hours agoBitGo, Swan unveil plans for Bitcoin-only trust companyThe trust company will target institutional investors in the United States as asset managers line up for a spot Bitcoin ETF.1104 Total views11 Total sharesListen to article 0:00NewsJoin us on social networksThe United States may soon have a Bitcoin-only trust company, according to plans disclosed by BitGo and Swan Bitcoin on Sept. 15. The joint venture is pending regulatory approval, the companies said in a statement.


The forthcoming entity will handle similar activities of a trust company, including Bitcoin (BTC) custody, administration and management on behalf of its beneficiaries. According to Cory Klippsten, CEO of Swan, the solution intends to offer Bitcoin custody without the risks of having other altcoins under the same roof.


“For years, we’ve heard from major clients, partners, and other Bitcoin companies that they would prefer a Bitcoin-only software and services stack that is focused strictly on the best custody that leverages Bitcoin’s unique features,” Klippsten said.


The companies are in contact with state regulators about the plans but have not yet filed for regulatory approval, Klippsten told Cointelegraph. “We are evaluating acquisition options first,” he disclosed. As part of our long-term vision to advance Bitcoin adoption, we’re announcing a major step forward for Swan and the entire Bitcoin ecosystem:

BitGo and Swan Announce Plans for USA’s First Bitcoin-Only Trust Company— Swan Bitcoin Adoption Team (@SwanBitcoin) September 14, 2023


BitGo offers digital asset security and custody, supporting over 700 cryptocurrencies, as per its website. In contrast, Swan’s business is fully dedicated to Bitcoin, allowing users to invest in Bitcoin via one-time and recurring purchases, with custody of records held at Fortress Trust and Bakkt, while BitGo acts as a cold storage custodian.


The new venture will target institutional investors, such as asset managers, pension plans and family offices, along with governments and company treasuries. It will offer cold storage, fraud prevention, Anti-Money Laundering and Know Your Customer protocols, among other Bitcoin-related services.


Institutional investors in the crypto space are a fast-growing market in the U.S., especially as the world’s biggest asset managers seek regulatory approval for a spot Bitcoin exchange-traded fund (ETF). Several large Wall Street players offer cryptocurrency custody solutions to institutional investors, including Bank of New York Mellon and Deutsche Bank.


“We believe there is a high likelihood that several ETFs are approved in 2024 and thus a new round of entrants to the Bitcoin market seeking mature, reputable, technologically proficient partners for a range of needs,” explained Swan’s CEO. The Securities and Exchange Commission has delayed decisions on the spot Bitcoin product. Analysts predict the regulator may postpone a decision until early 2024 as deadlines approach.


“Our teams have worked closely together for nearly a year on stronger qualified custody models. Early in 2023, we recognized the opportunity to establish a Bitcoin-only custodian, combining the unique capabilities of each company and supporting the innovators that will be at the forefront of pushing Bitcoin adoption,” noted Mike Belshe, CEO of BitGo.


Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books# Bitcoin# Business# Investments# United StatesAdd reactionAdd reactionRead moreHow to actually spend your Bitcoin, ExplainedWyoming stablecoin: Are state digital currencies even possible?Bitcoin’s cycles are changing — Bloomberg analyst Jamie Coutts explains how and why

News Feed

xSigma Announces Its ETF-Like Decentralized Fund and Platform
xSigma Announces Its ETF-Like Decentralized Fund and Platform PRESS RELEASE. ZK International Group Co., Ltd. (Nasdaq: ZKIN ) (“ZKIN “, “ZK In
Russia Considers Selling Power to Kazakhstan Amid Deficit Caused by Crypto Miners
Russia Considers Selling Power to Kazakhstan Amid Deficit Caused by Crypto Miners State-owned Russian energy giant Inter RAO is now discussing electricity supplies for Kazakhstan w
Peter Thiel Says His ‘Biggest Mistake of the Decade Was Getting Too Late and Too Little Into Bitcoin’
Peter Thiel Says His ‘Biggest Mistake of the Decade Was Getting Too Late and Too Little Into Bitcoin’ During a discussion published on March 12, 2022, the billionaire entrepren
Derek Andersen2 hours ago‘Pure’ DeFi has little chance for real-world use because of need for oracles: BISAccording to the BIS researchers, a centralized oracle based on trust is the only option for DeFi, and variati
BTC price nears 2-week highs as volatility clears Bitcoin sell orders
William Suberg9 hours agoBTC price nears 2-week highs as volatility clears Bitcoin sell ordersBitcoin"s old 2021 all-time high proves to be a magnet as bulls" latest charge is cut off near two-week BTC price highs.3494 T
Central Bank of Argentina President Hints at Possible Regulation of Bitcoin in Payment Systems
Central Bank of Argentina President Hints at Possible Regulation of Bitcoin in Payment Systems Miguel Pesce, president of the Central Bank of Argentina, hinted a
Standard Chartered to Launch Crypto Custody Service for Institutional Investors Next Year
Standard Chartered to Launch Crypto Custody Service for Institutional Investors Next Year SC Ventures, the innovation and ventures unit of Standard Chartered, wi
Savannah Fortis10 hours agoEl Salvador to introduce Bitcoin education in schools by 2024The nonprofit and NGO Mi Primer Bitcoin partnered with the Ministry of Education of El Salvador to include Bitcoin in its curriculum
Jesse Coghlan8 hours agoSam Bankman-Fried found guilty on all 7 charges in FTX fraud trialU.S. Attorney Damian Williams called Bankman-Fried’s crimes “a multibillion-dollar scheme designed to make him the king of cry
Bitcoin at ATH, but new ‘millionaire’ wallets are lagging — Kaiko
Brayden Lindrea7 hours agoBitcoin at ATH, but new ‘millionaire’ wallets are lagging — KaikoOn-chain Bitcoin whales have had a slow return, despite Bitcoin surpassing its previous all-time high.3829 Total views12 To
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $40,000 on Saturday
Bitcoin, Ethereum Technical Analysis: BTC Moves Below $40,000 on Saturday Bitcoin fell below $40,000 to start the weekend, as crypto markets continued to be submerged by the latest
Leveraged MicroStrategy ETFs break $400M as ‘hot sauce arms race’ heat up
Alex O’Donnell8 hours agoLeveraged MicroStrategy ETFs break $400M as ‘hot sauce arms race’ heat upThe ETFs add leverage to MicroStrategy’s already levered-up Bitcoin strategy, and investors can’t seem to get en