Digital asset custody BitGo has received a New York Trust license from the New York State Department of Financial Services.
Said CEO Mike Belshe. “We are extremely proud to receive the approval for a trusted charter from NYDFS. To serve the world’s premier financial organizations that are based in New York State.
“The past year has been exceptional for BitGo and the digital asset markets overall. Primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity and stability to the crypto ecosystem.
The new charter will enable BitGo to provide custodial services for institutional clients in New York. Seeking to make large crypto investments in compliance with local regulations.
With the new license, BitGo will provide regulatory oversight from one of the preeminent state regulators. As well as Know Your Customer and Anti-Money Laundering controls.
BitGo additionally will offer offline cold storage of cryptographic keys in bank-grade vaults. And comprehensive insurance coverage of up to $100 million in digital assets.
Said CRO Pete Najarian. “Our new charter is an important milestone to serve these clients within New York State’s regulatory framework.”
A leader in digital asset financial services. Providing institutional investors with liquidity, custody and security solutions. Last year, launching Prime Trading and Lending, as well as BitGo Portfolio and Tax. Providing clients with a full-stack solution for digital assets.
Additionally in 2018, the custody launched BitGo Trust Company. Which is the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions and supports over 400 tokens.
BitGo’s customer base includes the world’s largest cryptocurrency exchanges and institutional investors that spans more than 50 countries.
Furthermore, the company is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.