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10 sats \ 5 replies \ @siggy47 2 Feb 2023 \ on: Prime Trust Lays Off One-Third of Staff bitcoin
Swan has been my source for kyc bitcoin for a while now. The bitcoin only ethos and Corey himself are the reasons.
This prime trust issue has me nervous. As anyone using Swan knows, withdrawal is a two step process. You "sign" the transaction through Swan, but then have to wait for prime trust to send you an email to again verify the withdrawal.
Is anyone else having second thoughts about the process?
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196 sats \ 1 reply \ @benthecarman 2 Feb 2023
there's no reason to use swan over river
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0 sats \ 0 replies \ @siggy47 2 Feb 2023
There's one big reason for me. River isn't available for New York residents.
That's complicated too. Currently New Yorkers cannot open Swan accounts in New York, but existing account holders can still buy bitcoin. Swan is apparently in the process of applying for the infamous Bitlicense, but I wonder what effect the Prime Trust issues will have on the application.
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0 sats \ 2 replies \ @tmoney 2 Feb 2023
Currently in the locking period to withdrawal. It really sucks. They are lessening the risk for themselves by having these long ass locking periods while passing more risk to us. Definitely want bitcoin only companies to succeed but have been disappointed by my experience with them.
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0 sats \ 1 reply \ @pleb349 3 Feb 2023
Thats crazy. With Unchained multisig, you can just move your BTC out of their "vaults" any time you like. It is just a normal on-chain transaction that you control.
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0 sats \ 0 replies \ @tmoney 3 Feb 2023
I think that's not exactly an apples to apples comparison. With Swan its just like buying bitcoin with a normal exchange and then waiting a certain period before you can withdraw (so that Swan can protect itself from fraud). It's just that their waiting period is longer than normal so it's exposing me to to more counter party risk (aka Prime Trust going bankrupt). I like to withdraw my BTC asap. Here's a link to their locking periods: https://help.swanbitcoin.com/hc/en-us/articles/360044722794-Why-is-my-Bitcoin-waiting-to-unlock-How-long-until-I-can-withdraw-my-coins-. For a multisig like Unchanged, it sounds like you already bring the bitcoin rather than buying it with fiat directly into a multisig account.
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