BitGo, a major digital asset custody and security company in the United States, has obtained the New York State Trust License issued by the New York State Department of Financial Services (NYDFS).
According to a statement, the new license allows BitGo to provide custodial services to institutional clients in New York who wish to make large-scale investments in cryptocurrencies in compliance with local regulations.
BitGo said that with the new license, BitGo will provide Know Your Customer (KYC) and anti-money laundering control, and provide offline cold storage of encryption keys in bank-level vaults.
Mike Belshe, CEO of BitGo, said that NYDFS’s new trust license will help the company serve the world’s top financial institutions headquartered in New York State.
Belshe stated that BitGo’s institutional clients have increased significantly:
“For BitGo and the entire digital asset market, the past year has been an extraordinary year, mainly due to the influx of large financial service institutions, which has improved the credibility, liquidity and stability of the crypto ecosystem s level.”
BitGo applied for a New York State Trust License in August 2020 in order to operate in the state as an independent regulated custodian.
BitGo was established in Palo Alto, California in 2013 to provide institutional-level storage for cryptocurrencies such as Bitcoin (BTC) and to process cryptocurrency transactions. The company is supported by major mainstream companies such as Goldman Sachs, and industry companies such as Digital Currency Group and Galaxy Digital Ventures.
Last year, BitGo established two new custodial subsidiaries in Switzerland and Germany, each of which is supervised by authorities within their respective jurisdictions.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.