BitGo has received conditional approval to become a banking institution

BlockBeats News, December 13th, according to The Wall Street Journal report, cryptocurrency custody provider BitGo has announced that it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to become a banking institution. Once final approval is granted, BitGo will convert its South Dakota-registered trust company into a federally chartered national trust bank. This new entity will be able to custody digital assets and certain non-deposit financial assets, as well as provide regulated cryptocurrency-related services without needing state-by-state approval.