BitGo, a major US digital assets and security company, is licensed by the New York Trust of the New York State Department of Financial Services.
According to the announcement, the new charter allows BitGo to offer custody services to institutional customers in New York who want to make large investments in cryptocurrencies in accordance with local regulations.
According to BitGo, through the new license, BitGo will offer KYC and anti-money laundering controls and provide cold, offline storage for encryption keys in bank vaults.
BitGo CEO Mike Belchi said the new NYDFS trust charter will help the company serve the world’s leading financial institutions headquartered in New York State.
Belchi said the company has seen significant growth in institutional customers:
“The past year has been exceptional for BitGo and the digital asset markets in general, mainly due to the influx of large financial institutions that are taking the crypto ecosystem to a new level of reliability, liquidity and stability.”
BitGo applied for the New York Trust in August 2020 to begin operating as an independent trustee and regulator in the state.
Founded in 2013 in Palo Alto, California, BitGo offers institutional storage for cryptocurrencies such as Bitcoin (BTC) and handles cryptocurrency transactions. The company is supported by leading companies such as Goldman Sachs, as well as industrial companies, including Digital Currency Group and Galaxy Digital Ventures.
Last year, BitGo established two new subsidiaries for guardianship in Switzerland and Germany, each regulated by the authorities in their respective jurisdictions.