BitGo announced Thursday that it has obtained a license and trust charter that will enable it to act as a qualified independent trustee in the US business hub, New York.

The license was issued by the New York Department of Financial Services.

BitGo Expansion:

BitGo is a cryptocurrency-related services company headquartered in California.

BitGo has expanded its horizon, now offering custodial and custodial services for cryptocurrency to institutional clients in New York.

BitGo is proud to announce a new license under New York State Banking Law to act as a qualified, independent trustee. Read more: pic.twitter.com/VO9wqxgXUl

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BitGo March 4, 2021

The news was confirmed after the state’s Department of Financial Services issued the company’s “New York Trust” charter.

In December last year announced BitGo has more than $16 billion in assets in its possession.

With increased institutional interest, BitGo is now setting its eyes on the world’s financial and business hub.

Speaking about the company’s latest achievement, BitGo CEO Mike Belshey said:

We are extremely proud to receive the approval of the NYDFS Trust Charter to serve the world’s leading financial institutions headquartered in New York State.

The past year has been exceptional for BitGo and the cryptocurrency markets in general, mainly due to the influx of large financial services institutions providing a new level of credibility, liquidity and stability to the crypto system.

Licensing will enable New York’s leading institutions to usher in the digital revolution while remaining within the state’s regulatory framework.

What will BitGo offer?

BitGo aims to provide everything it knows best to its potential customers.

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Regardless of its specialized warehousing and custodial services, BitGo will adopt a sophisticated, independently verified SOC 2 Type 2 system control component.

SOC 2 Type 2 compliance records how a company protects customer data.

This type of system control checks compliance with standard procedures and often gives a competitive advantage.

Potential customers will benefit from BitGo’s comprehensive insurance coverage, which it says covers up to $100 million in cryptocurrency.

New York – the new crypto hub?

New York City has become a destination for leading cryptocurrency companies.

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This week, ChiliZ, a leading blockchain sports and entertainment platform, announced that it will open an office in New York.

This may be driven by the mandate’s determined efforts to maintain a regulatory framework that attracts investment and prioritizes asset protection.

The New York Financial Services Act, enacted five years ago, requires companies to be regulated in the cryptocurrency space.

It is worth noting that the state’s Department of Financial Services approved the sale and trading of eight cryptocurrencies in August last year.

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