NYDFS issues a trust license to the custodian service BitGo – Bits Media

The American castodial service BitGo received a work permit as a trust company from the Department of Financial Services of the state of New York (NYDFS).

Bitgo has applied for a license in August 2020 of the year, to legally provide institutional Clients Service for Krypto Activates Storage in New York. General Director of Bitgo Mike Belsh (Mike Belshe) reported, that the license will keep the digital assets of international financial organizations, ready to make large investments in cryptocurrencies in accordance with local legislation.

To ensure security, customers of the service will be required to undergo KYC and AML procedures. Thanks to the resulting license, BitGo will be able to carry out cold storage of cryptographic keys in banking level storages. Belsh noted, that recently the number of institutional customers of the company has increased significantly.

“The past year was exceptional for Bitgo and for the entire digital assets market. This is due to the influx of large financial institutions, which bring cryptocurrency ecosystem to a new level, ensuring its liquidity and stability ", - said Belsh.

Bitgo was founded in California in 2013 year. Previously, Goldman Sachs Bank was invested in it, Digital Currency Group Wedding company, belonging to Barry Zilbert (Barry Silbert), as well as Galaxy Digital Ventures. Last year, Bitgo opened regulated units in Switzerland and Germany, Since these countries have become important strategic centers for traditional finance and digital assets.

Recall, that last year, Bitgo began to provide cold storage services of cryptocurrencies to the Japanese exchange of Bitgate, And also launched the Bitgo Prime trading platform for institutional investors.