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Fortune
Fortune
Leo Schwartz

Swan raises $40 million to build out institutional offerings such as Bitcoin-backed lending

(Credit: Art by Fortune)

This year was a bloodbath for the crypto industry—and for several of its biggest names, including Sam Bankman-Fried and Changpeng Zhao—but it's become a victory lap for supporters of Bitcoin, which not only survived the calamity but ended the year with a spectacular rally.

Swan, a leader among financial firms in the Bitcoin space, today announced an expansion of services that includes a foray into institutional products like Bitcoin-backed lending, along with $40 million in funding raised in 2023 for expansion efforts and another $125 million raised for its own venture and private equity investments.

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