BitGo Receives US Approval For Safekeeping Cryptocurrency
The BitGo Trust Company received US approval as an adjustable qualified curator for institutional investors.
Using its innovative security system with several signatures, BitGo is working to establish itself as a qualified custodian, which can ensure both compliance with security at the highest level and compliance with regulatory requirements.
To become a regulated provider of custody services, BitGo filed an application for registration as a public trust company in South Dakota, which means that the company must regularly submit financial audits, comply with governmental regulations regarding anti-money laundering (AML) and know-your-customer (KYC) and monthly send relevant declarations.
BitGO guardian system is based on an existing wallet company, which supports seven coins: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Zcash (ZEC), and Bitcoin Gold (BTG ). It also offers more than 70 ERC20 tokens, which are only available to customers with BitGo contracts.
Currently, the American Stock Exchanges Coinbase and Gemini offer custody services, while banking giants Goldman Sachs and Citigroup, are reportedly preparing similar operations.