Bitcoin financial services company Swan has completed a $165 million financing and plans to raise another $150 million next year

ChainCatcher news, according to Forbes, Bitcoin financial services company Swan announced the completion of $165 million in equity financing in 2023, of which $125 million is for private equity and venture capital, and $40 million will be used to expand into Bitcoin-backed lending and other institutional products. Swan founder Klippsten stated that Swan plans to raise another $150 million in 2024 to fund its expansion.

Through its lending products, Swan users can deposit Bitcoin as collateral and obtain approximately 50% dollar-denominated loans at "low double-digit" interest rates. Swan will find creditors to lend the funds, charge an origination fee, and earn a spread based on its borrowing and lending rates. Swan founder Klippsten mentioned that this lending product will be launched in the coming weeks and will deploy $20 million in funds.