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Goldman Sachs-backed crypto custodian BitGo has secured a licence from the New York Trust to act as an independent custodian in the state.
Major American digital asset custody and protection firm BitGo has secured a New York Trust licence from the New York State Department of Financial Services.
According to the announcement, the current charter allows BitGo to offer custodial services to institutional clients in New York looking to make major investments in crypto in accordance with local regulations.
BitGo will provide Know The Customer and Anti-Money Laundering measures with a new licence and provide offline cold storage of cryptographic keys in bank-grade vaults, BitGo said.
BitGo CEO Mike Belshe said the current trust charter from NYDFS would help the firm represent the world’s leading financial organisations headquartered in the state of New York.
Belshe said that the firm has experienced a huge surge in institutional clients:
“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.”
BitGo applied for a New York trust charter in August 2020 to start functioning as an autonomous and supervised custodian in the state.
Founded in 2013 in Palo Alto, California, BitGo offers institutional storage for cryptocurrencies such as Bitcoin (BTC) and crypto transactions. The corporation is supported by large mainstream companies such as Goldman Sachs and business businesses such as the Digital Currency Group and Galaxy Digital Ventures.
Last year, BitGo formed two new custodial subsidiaries in Switzerland and Germany, each of which is supervised by the authorities in their respective jurisdictions.