Historic Moment for the Crypto Industry

862
BitGo and Indian exchange CoinDCX

It is a historic moment for the crypto industry. For the first time in the history of the crypto industry, a single entity in the cryptocurrency space holds broker-dealer, transfer agent, and qualified custodian licenses. Crypto custodian BitGo was able to reach this milestone thanks to its decision. BitGo is a licensed custodian through the South Dakota Division of Banking.

The U.S. Securities and Exchange Commission, and FINBA, should approve the broker-dealer and transfer agent transfers to BitGo. Crypto custodian’s CEO stated that the process is already underway.

Mike Belshe did not provide the details regarding the assets under management. According to Belshe, BitGo conducts some $15 billion in transactions each month.

Crypto Custodian BitGo and new opportunities

BitGo and its plans for the future

On February 18, the crypto custodian BitGo made a huge step forward as it announced the acquisition of a security token platform called Harbor.

As a reminder, the initial purpose of Harbor was to help other companies issue security tokens. Nevertheless, after some time, the company changed its priorities and decided to facilitate the tokenization of existing securities.

Last year, the firm created Ethereum tokens representing shares of four different real estate funds.

In the autumn of 2019, Harbor received its broker-dealer license and transfer agent registration.

It is worth mentioning that the deal also includes the subsidiaries of Harbor. One of the subsidiaries is a broker-dealer regulated by the Financial Industry Regulatory Authority. Another one is a transfer agent supervised by the Securities and Exchange Commission.

This acquisition will allow the BitGo to expand its services from custody. Consequently, BitGo will become the first “full-stack” services provider in the digital securities space. However, the terms of the deal will remain secret as companies do not want to disclose the details.

Last but not least, BitGo will have the opportunity to recreate all parts of the traditional financial system.

For more news updates, visit our homepage now and see our latest news article. Want to learn more about trading? Visit our education page now and learn for FREE!

Leave a Reply

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending