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772 sats \ 4 replies \ @elvismercury 15 Sep 2023 \ parent \ on: Bitcoin-only Exchange Swan Pledges To Launch New Custodian With Bitgo bitcoin
I was wondering about this -- someplace (can't find where) I thought Cory said there was some reason why it complicated things substantially if Swan does custody on its own holdings, which is why they've so incessantly looked elsewhere for that service. I'd like more details about this, but don't know where to find them.
Oh, wait, here's the Swan announcement on Twitter. I guess this is the answer:
Since River does this now, I guess the issue is that they want to be super duper conservative and operate as if btc is a traditional asset subject to those rules?
Since River does this now
As does Strike and that's just among Bitcoin-onlys.
I guess the issue is that they want to be super duper conservative and operate as if btc is a traditional asset subject to those rules?
It's an explanation. Having customer funds migrate regularly doesn't seem very conservative, but its not like they chose that. It is conservative from a regulatory perspective though.
From the article it sounds like trust just handles funds in transit. Sounds like a tough biz.
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It's an explanation.
Haha, I sense you're not on board with it. Do you have something else in mind?
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Nothing devious. It does sound a bit spun though. For a company that so vividly documents the failure of others, a lonely appeal to precedents feels lacking.
When you have ten seconds to maintain a customer's trust, it makes sense. A lot of their business is on the line.
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'pending regulatory approval' - must be a tough gig fr
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