The BitGo crypto-startup received custodian status for crypto-currencies and other digital assets. The permission for activity was given out by the regulator of South Dakota. Now the company can offer protected market participants a secure storage of crypto investments. BitGo combines in its service "hot" and "cold" wallets. The chief lawyer of the company Shala Ali explained:
"We can offer a qualified custodian service that is officially regulated and meets all the requirements of the anti-money laundering policy and KYC. Now the service is available for institutional investors, especially for registered advisors and brokers – dealers. "
The proposal is mainly focused on large institutionalists. The secure storage service will allow them to safely enter the crypto market and meet all the criteria that are imposed on their work.
BitGo believes that other states will also allow custody activities in their jurisdictions.
This is one of the news added to the positive background of the rise of the markets. As it was already mentioned for a long time, the presence of regulated and proven custody services will attract large investors and traders, due to which new finance will flow into the market.
At the time of writing Bitcoin trades at $ 6,550, Ethereum – $ 220, with an increase of 15% from yesterday's low. XRP maintains a stable price at $ 0.28.
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