Express
BitGo Conditionally Approved to Transition into Banking Institution
Summary: According to The Wall Street Journal, cryptocurrency custody firm BitGo has announced that it has received conditional approval from the Office of the Comptroller of the Currency in the United States to transition into a banking institution. Once final approval is granted, BitGo will convert its trust company registered in South Dakota into a federally ...
According to The Wall Street Journal, cryptocurrency custody firm BitGo has announced that it has received conditional approval from the Office of the Comptroller of the Currency in the United States to transition into a banking institution. Once final approval is granted, BitGo will convert its trust company registered in South Dakota into a federally chartered national trust bank, allowing it to custody digital assets and certain non-deposit financial assets, and provide regulated cryptocurrency-related services without the need for state-by-state approval.
