BitGO Receives New York Regulators’ Trust License: Report

BitGO Receives a trust license from New York regulators and will operate as an independent custodian in the state so let’s read more in our latest cryptocurrency news.

The major American digital asset custody and security company BitGo receives a New York Trust license from the New York State Department of Financial Services and the new charter will enable the company to provide custodial services for institutional clients in the state that want to make bigger investments in crypto in compliance with the local regulations. With this new license, the company will provide Know Your Customer and AML services and will offer offline cryptographic keys in a bank-grade vault.
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The CEO Mike Belshe said that the new trust charter from NYDFS will provide the company the chance to become the premier financial organization in New York:

 “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 the New York Trust charter in 2020 in a move to start operating as a regulated and independent custodian in the state while it was founded in 2013 in Palo Alto, California to provide storage for cryptocurrencies like BTC as well as handling crypto transactions. The company is backed by mainstream companies like Goldman Sachs and Digital Currency Group as well as Galaxy Digital Ventures.

A year ago, BitGo established two new custodial subsidiaries in Germany and Switzerland with each one being regulated by authorities in their respective jurisdictions.

As reported recently, BitGo clients are not minting WBTC and WETH as TRC20 tokens on tRON according to the public order books. After the few mints executed by BitGo back in December, about 100 BTC were wrapped and minted as TRC20 WBTC tokens by Alameda Research and CoinList. Alameda minted 1 WETH on Tron Tuesday morning and the trading company mints were already made to meet the over-the-counter client demand and test the new product as Ryan Salame of Alameda research noted. BitGo announced a new partnership with Tron back in September plans on bringing WBTC and WETH to Justin Sun founded network and now the project is fully operational.