- New York regulators have granted BitGo a Trust License.
- The license enables BitGo to be a custodian to large crypto investments.
- BitGo received huge interest from hedge funds, banks, and pension funds.
BitGo recently obtained a New York Trust license. The license allows them to “operate as an independent, regulated qualified custodian under New York State Banking Law”, according to an official announcement.
The license was issued by The New York State Department of Financial Services (NYDFS). This will give BitGo permission to perform services such as KYC/AML compliance controls, fast crypto onboarding, cold storage of crypto assets, and more.
BitGo CEO Mike Belshe expressed his delight upon receiving the license. “We 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 said.
Belshe also mentioned that the crypto market overall has experienced exceptional development this year. According to him,
Digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity, and stability.
Last year, BitGo also made headlines due to their partnership with TRON as they launched Wrapped BTC as a TRC-20 token on the Tron Blockchain.