Expansion of Institutional Cryptocurrency Services with NYDFS Approval
);)
This approval was granted to Galaxy One Prime NY, a subsidiary of Galaxy Digital. Galaxy One Prime NY is a business unit that provides cryptocurrency trading and financial services to institutional investors.
With the securing of this license, Galaxy Digital is now able to officially operate institutional cryptocurrency services in New York, one of the most strictly regulated markets in the United States.
"New York is the largest institutional capital market in the U.S.," said Mike Novogratz, CEO of Galaxy Digital, in a statement. "This approval will help expand institutional access to digital assets."
The New York BitLicense is a cryptocurrency business licensing system introduced in 2015. It is considered one of the most difficult regulatory approvals to obtain in the industry, as it requires meeting requirements for anti-money laundering, cybersecurity, capital reserves, and consumer protection.
Earlier, Jack Mallers' Strike also recently secured NYDFS approval and expanded its Bitcoin (BTC) services in New York.
Meanwhile, Galaxy Digital recorded a net loss of $216 million (approximately 325.4 billion KRW) in the first quarter of this year. The company explained that the decline in cryptocurrency prices was the main cause of the poor performance.
However, Galaxy Digital projected that its future growth would be strengthened through the expansion of its Texas Helios data center business and its artificial intelligence (AI) and high-performance computing infrastructure businesses.
Reporter Jeong Ha-yeon yomwork8824@blockstreet.co.kr
