BitGo receives conditional approval to become a banking institution

BlockBeats News, December 13, according to The Wall Street Journal, cryptocurrency custody provider BitGo announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to convert into a banking institution. Once final approval is granted, BitGo will transform its trust company registered in South Dakota into a federally chartered national trust bank, enabling it to custody digital assets and certain non-deposit financial assets, and to provide regulated crypto-related services without the need for state-by-state approval.