High-profile US-based crypto asset custody and security firm BitGo has reportedly completed the acquisition of a New York Trust license from the New York State Department of Financial Services.

Specifically, the new charter will reportedly grant BitGo the power to offer custodial services for New York-based institutional customers, planning to majorly invest in crypto, compliant with the regulations in the regions. 

With the new license, BitGo will reportedly establish Know Your Customer and Anti-Money Laundering controls, as well as rolling out offline cold storage of cryptographic keys in bank-grade vaults. 

Head of BitGo Mike Belshe reportedly remarked that the new trust charter from NYDFS will assist the firm in catering to the globally premier financial entities, located in the state of New York. 

“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.” Belshe reportedly disclosed the noteworthy increase in institutional clients of the firm. 

BitGo reportedly submitted an application for the New York trust charter in August last year, in an attempt to initiate its operation as an independent and regulated custodian in the state. 

Established in 2013 in Palo Alto, California, BitGo reportedly offers institutional-grade storage for a wide array of crypto coins, nominally Bitcoin (BTC), together with finalizing crypto transactions. The firm receives support from numerous mainstream heavyweights such as Goldman Sachs, together with industry companies like Digital Currency Group and Galaxy Digital Ventures.