The US-based blockchain security company BitGo has received public trust company status from the South Dakota Division of Banking, BitGo said on Thursday. The approval means that the company’s existing storage service is now a ‘regulated’ custody for institutional investors offered through licensed BitGo Trust Company, the virtual coin startup claimed in a statement.
The BitGo custody offers cryptocurrency cold storage in a bank-grade Class III vault, which means that the time for breaching it is set to 120 minutes compared to 15 minutes for Class M or 30 for Class I. The BitGo service uses multi-user accounts and supports more than 75 coins and tokens, the company explained.
To become a regulated custody provider, BitGo had applied for registration as a public South Dakota Trust Company, which means that the firm must regularly file financial audits, comply with the state anti-money laundering (AML) and know-your-customer (KYC) rules, and send disclosure filings every month. The mana...
This article appeared first on Cryptovest