BitGo receives new license to operate as an independent Qualified Custodian

By Pavithra R

BitGo, a digital asset financial services company providing institutional investors and crypto platforms with liquidity, has announced obtaining New York Trust license to operate as an independent, regulated qualified custodian under New York State Banking Law.

The charter was issued by The New York State Department of Financial Services (NYDFS), enabling BitGo to provide custodial services for clients in New York , who seek to secure large amounts of digital assets with high level of security, operational efficiency and regulatory oversight.

“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. 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,” said Mike Belshe, CEO, BitGo.

The New York Trust license is a huge milestone, and BitGo New York Trust will offer:

• Regulatory oversight from NYSDFS
• KYC/AML compliance controls
• Ability to purchase Excess Specie Coverage
• Independently verified system controls (SOC 2 Type 2)
• Multi-Signature cryptographic technology
• Offline “Cold” storage of cryptographic keys in bank-grade Class III vaults
• Transparent and comprehensive insurance coverage with up to $100M in digital assets
• Depth and breadth of cryptocurrency experience
• Fast onboarding
• 24/7 support

“Our new charter is an important milestone to serve these clients within New York State’s regulatory framework,” says Pete Najarian, Chief Revenue Officer, BitGo.

Founded in 2013, BitGo enables clients to navigate the complex landscape of digital assets with a connected, compliant, and secure suite of solutions. The firm in 2020 launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets.