BitGo Acquires A New York Trust License.

BitGo Acquires A New York Trust License.

2021-03-04 | Eddy Morgan

BitGo Acquires A New York Trust License.

Leading American digital asset custody and security company BitGo acquires a New York Trust license from the New York State Department of Financial Services. In line with the official announcement, the new charter enables BitGo to supply custodial services for institutional clients in New York seeking to form large investments in crypto in compliance with local regulations. With the new license, BitGo will provide Know Your Customer and Anti-Money Laundering controls and offer offline cold storage of cryptographic keys in bank-grade vaults, BitGo said. BitGo CEO Mike Belshe said that the new trust charter from NYDFS will assist the corporate serve the world’s premier financial organizations based within the state of New York. Belshe added that the corporate has seen a big surge in institutional users:
“The past year has been exceptional for BitGo and therefore the crypto-asset markets overall, primarily due to the influx of huge financial services institutions that bring a new level of credibility, liquidity, and stability to the cryptocurrency ecosystem.”
BitGo applied for the New York trust charter earlier in August last year within a move to start out operating as an independent and controlled custodian within the state. Launched earlier in 2013 in Palo Alto, California, BitGo offers institutional-grade storage for crypto assets like Bitcoin [BTCalso as handling cryptocurrency transactions. The corporate is additionally backed by leading mainstream companies like Goldman Sachs also as industry firms along with Digital Currency Group as well as Galaxy Digital Ventures. Earlier last year, BitGo established two new custodial subsidiaries in Switzerland and Germany, with all being regulated by the authorities in their respective jurisdictions.

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