Crypto custody and security company BitGo has received a trust license from the New York State Department of Financial Services, which enables the digital asset custodian to operate independently in the state.
BitGo provides institutional-grade crypto storage and handles crypto transactions. The digital asset custodian applied for this trust charter in August last year in an attempt to start offering its services as a regulated and independent custodian in New York.
The Goldman Sachs-backed company will thus be able to provide crypto custodial services to New York-based institutional clients interested in investing in digital assets and doing so with the highest level of regulatory oversight, security, and operational efficiency.
Regarding the license, BitGo CEO Mike Belshe stated that they “are extremely proud to receive the approval for a trust charter from NYDFS to serve the world’s premier financial organizations that are based in New York State.”
He has added that “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.”
Furthermore, according to BitGo, the company will ensure Anti-Money Laundering and Know Your Customer controls, independently verified system controls (SOC 2 Type 2), as well as “offline ‘Cold’ storage of cryptographic keys in bank-grade Class III vaults,” to name a few of its services.