BitGo Leverages National Trust Charter and NYSE Listing to Win Conservative Bank Clients

BitGo said its unconditional national trust charter, granted in December, and its January NYSE debut at a $2.59 billion valuation have produced "strong tailwinds" for institutional demand, Managing Director Frank Wang said at the Money20/20 conference in Las Vegas. The company received two requests for proposals from large financial institutions Tuesday alone. The charter preempts state-by-state money transmitter licenses BitGo previously needed, which Wang said "can be expensive to obtain and maintain," yielding likely cost savings. BitGo offers banks either its software for self-custody or custody through BitGo Bank & Trust, a regulated intermediary. The push comes as U.S. Bank, SoFi and a Wells Fargo-led consortium of roughly 20 institutions launch or plan stablecoins. The Office of the Comptroller of the Currency this week issued its final rule implementing the Genius Act, effective Jan. 18. BitGo also holds regulated entities in Germany and Singapore and a joint venture with South Korea's Hana Bank.