Provider of solutions for the storage of scriptaction BitGo announced that the Department of banking services of South Dakota approved the launch of the trust BitGo Trust, which will be adjustable by a qualified repository of digital assets that focus on institutional investors using the system security multiporpose the following policies and AML/KYC. For the preparation of an application to obtain a new status of BitGo, it took a year, and to begin the planned activities, he will have to wait another month from the date of receipt of the permit.
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 https://t.co/vYzFpu1irW
— BitGo (@BitGo) September 13, 2018
The head of a startup BitGo Mike Balch (Mike Belshe) believes that the company will be able to provide institutional investors custody decision, without which they were reluctant to enter the cryptocurrency market. In addition, in his opinion, they can trust BitGo Trust more than traditional custodians without experience in the industry, and cryptocurrency exchanges, for which custodial services represent a conflict of interest as they raise questions of financial regulators:. In the future, the startup also intends to obtain the status of a broker-dealer.
Recall that in July cryptocurrency exchange Coinbase has opened a Coinbase Custody services for institutional investors from the US and the EU who are willing to invest in scriptactive from $10 million a month the custodian Kingdom Trust company, which BitGo intended, but was not able to purchase, insure placed on its platform cryptocurrency assets in Lloyd’s of London.