BitGo is Granted a Trust Licence by New York Regulators
Crypto Broker - Tyler
BitGo, the Goldman Sachs-backed crypto custodian, has secured a licence from the New York Trust to act as an autonomous custodian in the state.
As per the statement, the current charter allows BitGo to offer custodial services to institutional clients in New York looking to invest in cryptocurrency in accordance with local regulations. With the latest licence, BitGo will provide Know the Customer and Anti-Money Laundering measures with a new licence as well as provide offline cold storage of cryptographic keys in bank-grade vaults, BitGo stated.
BitGo CEO Mike Belshe talked about the trust charter from NYDFS and whether or not it would help the firm represent the world's leading financial companies in the state of New York.
Belshe stated that the firm had experienced a huge surge in clients, saying that it had been a great year for BitGo due to a large amount of significant financial firms that bring in new levels of prestige, stability, and liquidity to the crypto ecosystem.
BitGo had filed for a New York trust charter back in August 2020 to begin functioning as an autonomous and supervised custodian in the state.
Established in 2013 in Palo Alto, California, BitGo offers institutional storage for cryptocurrencies such as Bitcoin (BTC) and crypto payments. The corporation is supported by large mainstream companies such as Goldman Sachs and businesses such as the Digital Currency Group and Galaxy Digital Ventures.
In the previous year, BitGo created two new custodial subsidiaries based in Switzerland and Germany, each of which is supervised by the authorities in their respective jurisdictions.
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