Crypto custody provider BitGo has filed paperwork with New Yorkâs financial regulator to offer its services in the state.
In an announcement Tuesday, the company said it was seeking approval from the New York State Department of Financial Services (NYDFS) to act as a trust in the jurisdiction.
It plans, if approved, to operate as an âindependent, regulated qualifiedâ custodian under the state banking law.
Related: BitGo Weighs Building a Sidechain for WBTC as Ethereum Fees Climb
BitGo said it was targeting âstrong demandâ from institutional investors based in New York for secure and regulated storage of large amounts of digital assets.
See also: BitGo Now Supports Custody and Staking of Tezosâ XTZ
After July guidance from the Office of the Comptroller of the Currency allowing U.S. banks to act as crypto custodians, BitGo said itâs expecting a âdramatic increase in market demand for its products and services from banks, pension funds, hedge funds and other fiduciaries.â
BitGo Trust Company is already a qualified custodian through the South Dakota Division of Banking.
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