U.S. Bitgo confirmed as a trust business licensed by the New York State Financial Services Administration (NYDFS) and operated as an independent and regulated trust company

Bitgo, a leading global digital asset financial services company, announced on the 5th that it has acquired a New York Trust license from The New York State Department of Financial Services (NYDFS).

According to the Bitgo press release, the BitGo New York Trust can be operated as an independent and regulated trustee in New York if the license is obtained under New York State Banking Law. With the approval of the New York Department of Financial Services, Bitgo is able to provide trustworthy services with the highest level of security, regulatory oversight, and operational efficiency to New York customers who want to securely manage their large digital assets.

New York State has Wall Street, the world’s financial center, and financial institutions headquartered in New York State are critical to accelerating the adoption and adoption of digital assets in the financial industry. Bitgo is attracting hot attention from institutional investors such as banks, pension funds, hedge funds and other fiduciaries in New York.

“We are very proud to be licensed to serve the world’s leading financial institutions based in New York State,” said Mike Belshe, CEO of Beatgo. “It was an exceptional year for the entire and digital asset market, probably due to the influx of large financial institutions that have brought the reliability, liquidity and stability of the cryptocurrency ecosystem to a new level.”

Pete Najarian, Bitgo’s Chief Revenue Officer (CRO), said, “This is a historic milestone in terms of providing services to New York State regulated clients.”

Meanwhile, BitGo Trust Company, which provides digital asset trust services in the U.S., was licensed by the Division of Banking in South Dakota in 2018, the first in the digital asset trust industry. This is an example that has been approved for meeting regulatory eligibility. Based on the pioneering technology multi-signature protocols that have been tested and internally reviewed by Bitgo, Bitgo consignment services implement security with technical elements suitable for the assets of this era. In addition, all of Bitgo’s consignment services provide strict policies, procedures, controls and disclosures that are guaranteed only to those consignees who meet the regulations.

Multi-signature security is a security technology first developed by Bitgo in 2013 and is currently recognized as an industry standard for digital wallet security. Multisignature technology is an open source protocol and has undergone rigorous evaluation and testing by the security industry. This technology utilizes a unique key assigned to a specific individual to increase accountability, transparency, and security, which is a differentiated technology not found in other technologies.

FINTECHPOST