According to Mars Finance, cryptocurrency custodian BitGo announced on Friday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency to transform into a banking institution. Once final approval is granted, BitGo will convert its South Dakota-registered trust company into a federally chartered national trust bank, capable of custodying digital assets and certain non-deposit-taking financial assets, and offering regulated cryptocurrency-related services, without requiring state-by-state approval. The company stated it expects to receive final approval soon.
BitGo receives approval from the U.S. Office of the Comptroller of the Currency to transform into a banking institution.
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