BitGo Receives Conditional Approval to Become a National Trust Bank

According to Odaily, cryptocurrency custodian BitGo announced on Friday that it has received conditional approval from the U.S. Office of the Comptroller of the Currency to transition into a banking institution. Upon final approval, BitGo plans to convert its South Dakota-registered trust company into a federally chartered national trust bank. This transformation will enable BitGo to custody digital assets and certain non-deposit financial assets, and offer regulated cryptocurrency-related services without requiring state-by-state approval. The company anticipates receiving final approval soon.