BitGo receives regulatory approval to custody crypto assets

posted 10 months ago
Crypto security startup BitGo has received approval in the US to act as a qualified custodian for digital assets. BitGo Trust has been approved by the South Dakota Division of Banking, meaning it can now offer institutional clients a regulated storage solution for digital assets, said chief compliance and legal officer Shahla Ali.

"Currently ... we offer an online hot wallet solution, which is available to anyone to download our software and store their coins. We also offer a custodial solution which is a combination of hot and cold wallet... our hope is to build this platform out, to really demonstrate to regulators and customers that this model can work and we can really build a great trust company that safeguards assets." BitGo aims to create a secure custody offering that is a tool to reassure investors and local governments alike that cryptocurrencies can provide value to these groups. "We realized they would be best served by a custodian who was entirely focused on their assets" she said.
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