This year took a toll on the crypto industry, but Bitcoin emerged victorious with a strong rally. Swan, a prominent Bitcoin-focused financial firm, is expanding its services to include institutional products like Bitcoin-backed lending. With a $40 million funding for expansion and $125 million for its own venture and private equity investments, Swan, founded by Cory Klippsten in 2019, aims to offer a secure alternative in an industry marked by failures.
Despite controversies with custody providers like Prime Trust and Fortress, Swan is collaborating with BitGo to launch a Bitcoin-only trust in the U.S., emphasizing a separation between brokerage and custody. The firm is set to introduce a lending service, distinct by its avoidance of rehypothecation and exclusive focus on Bitcoin-backed loans. Klippsten anticipates robust growth, eyeing another $150 million fundraising in 2024, as Swan’s revenue climbs towards $200 million in the first quarter of the upcoming year.