PALO ALTO, Calif.--(BUSINESS WIRE)--BitGo, the leader in digital asset financial services, today announced that it has obtained a 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 New York clients, who are seeking to secure large amounts of digital assets with the highest level of security, regulatory oversight and operational efficiency.
“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,” said Mike Belshe, CEO, BitGo. “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.
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. BitGo Trust Company is a leading qualified custodian for digital assets regulated by the South Dakota Division of Banking.
New York-based financial institutions are critical for the accelerated adoption and acceptance of digital assets and BitGo has received tremendous interest from institutional investors in the State for its products and services from banks, pension funds, hedge funds and other fiduciaries.
In 2018, BitGo Trust Company became the first qualified custodian purpose-built for storing digital assets through the South Dakota Division of Banking. Built on BitGo's pioneering, battle-tested, multi-signature protocols, BitGo Custody delivers modern security for modern assets. BitGo Custody offerings provide strict policies, procedures, controls, and disclosures that are only guaranteed with a qualified custodian.
BitGo New York Trust will offer:
- Regulatory oversight from one of the preeminent state regulators (NYSDFS)
- KYC/AML compliance controls
- Independently verified system controls (SOC 2 Type 2)
- Offline “Cold” storage of cryptographic keys in bank-grade Class III vaults
- Most transparent and comprehensive insurance coverage on the market today up to $100M in digital assets
- Ability to purchase Excess Specie Coverage
- Depth and breadth of cryptocurrency experience
- Multi-Signature cryptographic technology
- Fast onboarding
- 24/7 support
BitGo pioneered multi-signature security in 2013 and, since then, has become an industry standard for security of digital wallets. Multi-signature is an open source protocol, and has been subject to thorough testing and evaluation by the security community. Multi-signature makes use of distinct private keys specifically assigned to individuals for increased accountability, transparency and security not available through other technologies.
About BitGo
BitGo is the leader in digital asset financial services, providing institutional investors with liquidity, custody, and security solutions. In 2020, BitGo launched Prime Trading and Lending, as well as BitGo Portfolio and Tax, providing clients with a full-stack solution for digital assets. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo processes over 20% of all global Bitcoin transactions, and supports over 400 coins and tokens. BitGo’s customer base includes the world's largest cryptocurrency exchanges and institutional investors and spans more than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners. For more information, please visit https://bitgo.com
Disclaimer
The information in this press release is not an offer to sell or solicitation of an offer to buy an interest in any investment or for the provision of any investment management or advisory services. Custody services are offered through BitGo Trust Company, a South Dakota chartered trust company and BitGo New York Trust. BitGo is not registered with the SEC as an investment advisor or custodian, and does not offer legal, tax, investment, or other advice. Please consult your legal/tax/investment professional for questions about your specific circumstances.
BitGo Trust Company, , and BitGo Prime LLC are separately operated, wholly-owned subsidiaries of BitGo Holdings, Inc., a Delaware corporation headquartered in Palo Alto, CA.
