TechFlow news, December 13 — 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. Once final approval is granted, BitGo plans to convert its South Dakota-chartered trust company into a federally chartered national trust bank, enabling it to custody digital assets and certain non-deposit financial assets, and offer regulated cryptocurrency-related services without requiring state-by-state authorization. The company stated it expects to receive final approval shortly.
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