The state of Wyoming has approved California-based crypto broker SFOX for a charter of trust, so the company can offer escrow and other crypto-related services to institutional clients.
SFOX said Tuesday that the Wyoming Trust charter will allow the company to operate as the state’s SAFE Trust, providing services to institutional clients, private clients and advisors. According to the company, SAFE will “perform a number of store supervision roles” including direct store agent, discretionary store admin, store admin and attorney.
“The new charter will allow us to provide safe, reliable and efficient investment, trading and custodian services for a wide range of digital assets, meeting the needs of investors, especially small and medium-sized companies, who still have unlimited access to these assets,” said SAFE CEO and co-founder of SFOX Akbar. Tobani “Our mission is to provide greater access to a wide range of digital assets in a secure and efficient manner.”
We are thrilled to be the first crypto company authorized to act as a trust in Wyoming and to be part of the movement against responsible crypto regulation led by CynthiaMLummis and WYLegislature. Learn more about our news here: https://t.co/H9j7eI7ERr
– SFOX (SFox) March 1, 2022
Per the fund’s charter, SFOX said it will provide services to clients seeking investment opportunities in Bitcoin (BTC), Ether (ETH), Solana (SOL), Avalanche (AVAX) and other tokens, while holding digital assets in accordance with regulations. Wyoming base. . SAFE said it plans to seek approval from the government banking authority “to act as an independent, regulated and qualified digital asset manager.”
Wyoming has often been at the forefront of the country’s approach to regulating digital assets since the Kraken cryptocurrency exchange gained bank status in September 2020, and lawmakers introduce legislation that recognizes DAOs as separate companies and grants treasurers the right to issue stablecoins.
Related Topics: Wyoming Stablecoin: Another Brick in the Wall?
SFOX was founded in 2014 and is backed by companies such as the Digital Currency Group, Blockchain Capital, Y Combinator, and Airbnb co-founder Nathan Bleicherchy. Earlier this month, Bloomberg reported that a group of the company’s engineers and traders planned to expand access to bitcoin derivative products through non-deliverable futures contracts.