Regulators joined hand with this blockchain startup
BitGo has acquired a New York Trust License from the New York State Department of Financial Services.
The new rules allow BitGo to give custodial services to institutional clients in New York. With the new regulations, the company can make new and large investments in crypto. They can provide Anti-Money Laundering and Know Your Customer controls to people.
BitGo CEO told that the new trust charter will help the company serve the world’s premier financial organizations. He said that the company has a huge stream of customers.
BitGo now wanted to operate as an independent and regulated custodian in New York.
Being founded in 2013 in Palo Alto, California, BitGo has provided storage for various cryptocurrencies like Bitcoin and other digital currencies. The company has been supported by major companies like Goldman Sachs and Digital Currency Group and Galaxy Digital Ventures.