Bitcoin finance company Swan is introducing a "collaborative storage" service using Blockstream's Jade hardware wallet.
- Swan and Blockstream will team up to give users the ability to control their Bitcoin (BTC), knowing that it is stored safely offline.
- Collaborative storage in this case refers to a multi-signature wallet scheme with the help of third parties for backup and transfer, which improves the user experience of storing Bitcoins.
- Crypto platforms often find it difficult to provide users with confidence in the security of their assets without shifting responsibility for financial security to them through managing their own keys, etc.
- However, the collapse and capitulation of several centralized crypto platforms, in particular the FTX crypto exchange in November 2022, reminded many unfortunate users who lost access to funds of the rule “not your keys, not your coins.”
- There is a natural demand for services that can offer both greater asset security and a simpler user experience.
- Swan and Blockstream will team up to give users the ability to control their Bitcoin (BTC), knowing that it is stored safely offline.
- Collaborative storage in this case refers to a multi-signature wallet scheme with the help of third parties for backup and transfer, which improves the user experience of storing Bitcoins.
- Crypto platforms often find it difficult to provide users with confidence in the security of their assets without shifting responsibility for financial security to them through managing their own keys, etc.
- However, the collapse and capitulation of several centralized crypto platforms, in particular the FTX crypto exchange in November 2022, reminded many unfortunate users who lost access to funds of the rule “not your keys, not your coins.”
- There is a natural demand for services that can offer both greater asset security and a simpler user experience.