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Author: Admin | 2025-04-27
Has not been free of controversy. The firm relied on Prime Trust for custody services, with the Nevada-based company filing for bankruptcy in August alongside allegations of mismanaging assets. Swan then turned to Fortress, which was founded by the former CEO of Prime Trust, before Fortress faced a hacking incident in early September, along with a failed acquisition by XRP issuer Ripple—the very type of blockchain firm Klippsten often criticizes. Swan is now working with another custodial firm, BitGo, to launch a joint venture trust company, which would be the first Bitcoin-only trust in the U.S. Klippsten declined to say where they are applying for a charter but says that he hopes to launch it by the third quarter of 2024. Until then, Swan relies on a combination of Fortress, Bakkt, and BitGo. “I could’ve wished for better outcomes with those guys,” he said of Fortress, although he noted that he still believes in the model of separating brokerage from custody.
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