The popular Bitcoin service provider, Swan Bitcoin, has acquired Specter Solutions, an open source product suite for Bitcoiners and developers, per a press release. The company believes the acquisition will help it service its users throughout their Bitcoin journey.
In line with the move, Swan Bitcoin is launching a new division that focuses on open source and privacy-oriented tools.
Swan founder and CEO Cory Klippsten stated:
Today, alongside the Specter Solutions team, we are launching Specter Labs, a division of Swan that expands our alignment with Bitcoin principles by focusing on open source and privacy-oriented tools that help Bitcoiners secure their holdings in the best way possible.
Swan Bitcoin is a financial services company that helps users save value in Bitcoin. The company's guiding principle, according to Cory Klippsten, has always been to “do the best thing for Bitcoin and Bitcoiners.”
Swan has already built a successful platform that onboards all kinds of individuals to Bitcoin. At the same time, Specter Solutions has grown to become a leader in Bitcoin self-custody solutions. Its addition to the Swan portfolio and the launch of Specter Labs will enable Swan to provide its customers with end-to-end Bitcoin services.
“The launch of Specter Labs will give Swan customers end-to-end services on their Bitcoin journey from complete beginner to self-sovereign Bitcoiner by providing deep integrations with Specter’s leading self-custody solution and other tools over time.”
Despite the acquisition, Specter’s software suite will remain open source. Swan will only provide engineering support and assist in product direction. The company says that the Specter desktop client will not have any default connection to Swan. Users will be able to choose whether to use the desktop client with or completely independent from Swan.
Furthermore, the applications will not feature know-your-customer (KYC) protocols and Specter will not track users “unless they opt into features that are clearly labeled integrations.”