BitGo, a digital asset financial services provider, announced on Thursday it received a New York Trust license to operate as an independent, regulated qualified custodian under New York State Banking Law. BitGo reported that the charter was issued by The New York State Department of Financial Services (NYDFS) enabling the company to provide custodial services for New York clients, who are seeking to secure large amounts of digital assets with is claimed to the highest level of security, regulatory oversight, and operational efficiency.
BitGo New York Trust will offer the following:
- 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
Speaking about the new license, Mike Belshe, CEO of BitGo, added:
“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.”
The license comes just after BitGo announced it has appointed Jeff Horowitz as its new Chief Compliance Officer (CCO). According to BitGo, Horowitz recently served as COO for Coinbase. He will oversee BitGo’s Compliance and AML programs across the entire enterprise to meet the “highest standards” of compliance and regulatory requirements.