Crypto custody provider BitGo has filed paperwork with New York's 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 "independent, regulated qualified" custodian under the state banking law.
BitGo said it was targeting "strong demand" from institutional investors based in New York for secure and regulated storage of large amounts of digital assets.
After July guidance from the Office of the Comptroller of the Currency allowing U.S. banks to act as crypto custodians, BitGo said it's expecting a "dramatic increase in market demand for its products and services from banks, pension funds, hedge funds and other fiduciaries."
BitGo Trust Company is already a qualified custodian through the South Dakota Division of Banking.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.