Bitcoin
$62,263.85-2.09%
Ethereum
$3,158.62-4.06%
Binance Coin
$586.63-2.59%
Solana
$134.87-4.82%
XRP
$0.50559809-2.48%
Dogecoin
$0.14059405-5.75%
Toncoin
$5.26-3.16%
Cardano
$0.45216117-3.52%
Shiba Inu
$0.00002325-5.72%
Avalanche
$33.24-3.66%
Tron
$0.11877908-2.16%
Wrapped Bitcoin
$62,332.99-2.32%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
29
DAYS
23
HR
25
MIN
34
SEC
Finance

Bitcoin Financial Services Firm Swan Unveils 'Collaborative Custody' Service

Swan and Blockstream's plan to allow users to retain ultimate control of their bitcoin while knowing that is stored in a highly secure way

By Jamie Crawley
AccessTimeIconOct 5, 2023 at 7:00 p.m. UTC
a rank of safe deposit boxes
(Shutterstock)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin financial services firm Swan is introducing a "collaborative custody" service using Blockstream's hardware wallet Jade.

The Swan and Blockstream tie-up will enable users to retain ultimate control of their bitcoin (BTC) while knowing that it is stored in a secure way offline, the two firms announced Thursday.

Collaborative custody, in this instance, refers to a multi-signature wallet scheme combined with third-party assistance for things like backup and transfer, thereby enhancing the user experience of bitcoin storage, the firms said.

Crypto platforms often face the challenge of offering users the peace of mind their assets are secure without having users keep personal responsibility of their financial safety, through managing their own keys and so on.

However, the collapse and capitulation of several centralized crypto platforms — most notably crypto exchange FTX in November 2022 — reminded many unfortunate users who lost access to funds of the adage "not your keys, not your coins."

There is a natural demand for services that can offer both greater security of assets and a straightforward user experience simultaneously.

Read More: BitGo, Swan to Form Bitcoin-Only Trust Company

VolumeMuteUnmute







Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.