California-headquartered crypto-assets investment services operator BitGo announced getting a license from NY regulatory and now operates as an independent Qualified Custodian.
Related: Huobi Global to Launch Crypto Funds
BitGo is proud to announce a new license under New York State Banking Law to operate as an independent Qualified Custodian. Read more: https://t.co/IfTGOJ1hc0 pic.twitter.com/VO9wqxgXUl
— BitGo (@BitGo) March 4, 2021
Beforehand, BitGo held a license only in South Dakota. The license allowed serving institutional investments in most states, but New York.
Now, the new license, issued by Wall Street’s regulator, the New York State Department of Financial Services (NYDFS) authorizes the firm to implement services for New-York-based clients as well.
As most large businesses are located in New York, Bitgo says the authorization is the way to establishing its institutional client core.
BitGo was founded in 2013. It is a leader in digital asset financial assistance, providing companies and crypto projects with liquidity, custody, and safety.In 2018, the entity released BitGo Trust Company, the first authorized custodian for storing digital assets. BitGo implements over 20% of all worldwide BTC trades and maintains around 250 assets.
In 2020 BitGo introduced Bitgo Prime with innovative solutions. In January 2021 the custodian hired Coinbase’s former chief compliance officer Jeff Horowitz to direct its yielding and anti-money laundering programs.