The company Swan is adding a new service for keeping Bitcoin safe. They are using a special wallet called Jade from a company called Blockstream. The new service is called “collaborative custody. ”
Swan and Blockstream are teaming up to help people keep their bitcoin safe. With this partnership, users can have full control of their bitcoin and know that it’s stored securely offline. They made the announcement on Thursday.
Collaborative custody means working together with a wallet that needs more than one signature to access, along with help from another party for things like backup and transferring. This makes storing bitcoins easier for users, according to the companies.
Crypto platforms sometimes struggle to make users feel their money is safe without making users responsible for their own financial safety.
But when some crypto platforms went down, like FTX in November 2022, people who lost their money were reminded that if you don’t have control of your keys, you don’t really have control of your coins.
People want services that can keep their money safe and are easy to use.