Swan Bitcoin is partnering with BitGo to launch a Bitcoin-only trust company for custody of Bitcoin stored on its exchange. The company aims to obtain regulatory approval before making the service available to customers. Swan Bitcoin CEO Cory Klippsten stated that they plan to acquire an existing trust company or build a new one, with the goal of being live by Q1 2024 if they acquire, or by Q3 if they build. Klippsten emphasized the importance of addressing security and custody requirements within the Bitcoin ecosystem. BitGo CEO Mike Belshe confirmed the collaboration with Swan Bitcoin and expressed their joint efforts in establishing a Bitcoin-only custodian. The announcement comes after Ripple’s acquisition of Fortress and Prime Trust’s bankruptcy filing. Swan Bitcoin discourages customers from holding Bitcoin on its exchange and focuses on providing a Bitcoin-only service. The new trust company aims to offer institution-grade wallet management capabilities and increased control over private keys. Swan Bitcoin expects to serve company treasuries, asset managers, governments, and other on-ramps in addition to its users.