Prominent wallet service provider, BitGo has partnered with Swan Bitcoin. According to a post on its X page today, the wallet service provider revealed that the collaboration is aimed at building the first Bitcoin-only trust company. However, plans to actualize the innovative solution are subject to regulatory approval.
Insights into the plan indicated the establishment of a joint venture that will leverage the strength of both BitGo and Swan Bitcoin. Consequently, the joint venture will enjoy the Bitcoin cold storage technology and regulatory compliance expertise of BitGo. In addition to this, the venture will as well benefit from the game-changing capabilities of Swan which focuses on onboarding, fraud prevention, and other AML and KYC measures.
Furthermore, the two partners with the establishment of the first Bitcoin-only trust company aim to meet the growing demand for solutions relating to the world’s largest cryptocurrency. Likewise, the recent collaboration is aimed at strengthening the position of both BitGo and Swan Bitcoin. Lately, the two partners have focused on establishing themselves as a force to reckon with within the virtual assets landscape. The collaboration with Swan surfaced shortly after BitGo concluded a $100 million fundraising round at a $1.75 billion valuation.
On the flip side, despite the downturn in the price of cryptocurrencies, Swan has managed to increase in its revenue. The growth in its revenue has helped position Swan among companies with good financial standing in the crypto space. Furthermore, the combined effort of both BitGo and Swan will help project the two companies more.
Comments on the collaboration between BitGo and Swan
Meanwhile, the CEO of BitGo, Mike Belshe has commented on the collaboration of the two companies. The CEO submitted that both BitGo and Swan share the same business model which has been part of the U.S. financial landscape for many years. More so, Belshe discussed how the two firms had partnered in the past. These previous efforts according to the CEO contributed to their willingness to work together and design the first Bitcoin-only trust company.
Additionally, the CEO of Swan, Cory Klippsten illuminated the submission of his counterpart. Klippsten revealed that the combined effort with BitGo to make the Bitcoin-only firm a reality as a result of the incessant requests by top clients. The CEO added that the firm is working to play a pivotal role in building dedicated ecosystems for Bitcoin.