When you purchase Bitcoin through Swan, your Bitcoin is stored by Prime Trust, a licensed and regulated trust company chartered in the United States. Prime Trust secures billions of dollars worth of fiat and cryptocurrency for some of the biggest companies in the industry.
Your Bitcoin and USD are stored under your name with Prime Trust, with you as the sole legal owner. Your Bitcoin is stored using best-in-class security practices and technologies. For background on Prime Trust, read below:
Prime Trust cannot rehypothecate your Bitcoin, and Swan itself does not have the ability to move your funds without your authorization. In order to ensure that Swan cannot move Bitcoin out of your account, you will receive a direct confirmation of withdrawal from Prime Trust whenever you withdraw your Bitcoin. This email is delivered directly from Prime Trust, and requires your authorization to move Bitcoin from Prime Trust wallets to your own.
Read more here to learn about Bitcoin custody risk and how you can assess it.
When you are ready to self-custody and reduce your counterparty risk, please read here.
If you are a Swan Private client and need assistance setting up your wallet, please reach out to your Swan private representative.