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120 sats \ 7 replies \ @cryptocoin 8 Sep 2023 \ parent \ on: Ripple acquires Fortress, used by Swan, run by former Prime Trust CEO bitcoin
You don't need a custodian with Swan, but they must have some feature for normies who want Bitcoin in an account just like they with their other financial investment and savings activities.
At the moment, you do need a custodian with Swan. Some people that are coming from the traditional financial space also seem to actually want a custodian because it is more similar to how they do things now. We all know that the best custody is self-custody but for the legacy people that might not work for them. Hopefully we can stack enough sats before those rich people and corporations learn about bitcoin and drive the price up.
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What I had meant (but in re-reading what I wrote, I see how i was unclear) was that you can buy from swan and withdraw the btc immediately. If there is a custodian there holding them for those 90 seconds, or whatever, then I guess yes, a custodian does temporarily hold your btc funds.
I suppose I also didn't consider the USD held, waiting for the deposit payment to clear, as funds held by a custodian, but I presume that in another instance of exposure to a custodian, with Swan, that you cannot avoid.
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Forgive my ignorance – why can't Swan implement this on their own? Is this a license thing?
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The guy you are replying to had a very weirdly phrased comment. Implementing things themselves would require at a minimum getting money transmission licenses in every state they want to operate.
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River did it just fine
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Did River ever describe how they did it?
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They have their own infrastructure and licenses. It’s a lot of work but they are builders
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