Representatives of the California cryptocurrency startup BitGo announced the receipt of a work permit in USA as focused on the institutional clients of the custodian of digital assets.

Qualified custodian Trust Company BitGo launches today. Read the story by @Kr00ney @[email protected] race to solve out bitcoins s security problem despite slumping prices

— BitGo (@BitGo) 13 September 2018 R.

As noted by CNBC, resolution on the launch of BitGo Trust issued by banking regulation South Dakota.

“This will allow us to offer regulated services of a qualified custodian, the relevant requirements of the AML/KYC”, — said representatives of the startup.

CEO and co-founder of BitGo, Mike Balch noted that over time, the company plans to obtain the status of a broker-dealer. He also expressed hope that the services BitGo Trust will enjoy considerable demand among institutional players who need financial products, strictly comply with all regulatory requirements.

ForkLog previously reported that after the failure of the transaction, BitGo for acquisition of Kingdom Trust, the management of the startup decided to create their own repository for cryptocurrency.