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PALO ALTO, Calif.–(BUSINESS WIRE)–BitGo, the baton in agenda asset cyberbanking services, today appear a accessible letter to the Office of the Comptroller of the Currency (OCC), a annex of the Treasury that supervises civic banks and austerity institutions.
BitGo issued the letter in acknowledgment to the OCC’s contempo alarm for ascribe on how best to board new technology and addition in the business of cyberbanking and its abutment that a civic coffer may board “cryptocurrency aegis casework on account of customers, including by captivation the different cryptographic keys associated with cryptocurrency.”
In the letter, BitGo outlines best practices for the circuitous and highly-specialized endeavor to aegis cryptocurrencies and added agenda assets. Below is a abbreviate extract and a abounding archetype of the letter may be begin here.
Excerpt from BitGo’s Open Letter to OCC:
On June 4, 2020 the Office of the Comptroller of the Currency (“OCC”) issued an Advance Notice of Proposed Rulemaking (“ANPR”) gluttonous ascribe on how best to board new technology and addition in the business of banking. Additionally, the OCC afresh appear a account reaffirming the OCC’s position that “a civic coffer may board these cryptocurrency aegis casework on account of customers, including by captivation the different cryptographic keys associated with cryptocurrency.” We are abundantly aflame by these developments, which we appearance as a watershed moment for both the U.S. cyberbanking arrangement and the blockchain industry. BitGo Holdings, Inc. (together with its corresponding subsidiaries, are collectively referred to herein as “BitGo”) has been a baton at the beginning of the admixture of these two worlds, which has afforded us with a different perspective. We accept this is our moment to exercise our articulation and acknowledgment the alarm to allotment our acquaintance with the OCC.
The aegis of cryptocurrencies and added agenda assets (collectively, “cryptocurrencies”) is, by all measures, a circuitous and highly-specialized endeavor. Cryptocurrencies are accompanying abstract agenda assets that allotment qualities of agent instruments. At its best axiological level, aegis of cryptocurrencies revolves about accepting a clandestine cryptographic key appropriate to assurance transactions. In acceptance of the inherent difficulties in the aegis of cryptocurrencies, we accept that most, if not all, civic banks should accede the afterward advantage from the OCC’s contempo Interpretative Letter: “A coffer acting as babysitter may appoint a sub-custodian for cryptocurrency it holds on account of barter and should advance processes to ensure that the sub-custodian’s operations accept able centralized controls to assure the customer’s cryptocurrency.”
As one of the aboriginal custodians of cryptocurrencies, we would like to board our acumen so that the OCC may be able to affair added admonition to civic banks on belief for selecting such a sub-custodian for cryptocurrency. Specifically, we accept than any able sub-custodian charge amuse all of the afterward six belief – anniversary of which assignment in affiliation with one addition to aftermath a gold accepted of aegis of customer’s cryptocurrencies:
BitGo is the baton in agenda asset cyberbanking services, accouterment institutional investors with liquidity, custody, and aegis solutions. In 2020, the aggregation launched BitGo Prime, the aboriginal and alone chip band-aid with lending, trading and able custody, as able-bodied as BitGo Portfolio and Tax solutions. BitGo Assurance Company, the aboriginal able babysitter purpose-built for autumn agenda assets, was launched in 2018. BitGo processes over 20% of all all-around Bitcoin transactions, and supports over 250 bill and tokens. BitGo’s chump abject includes the world’s better cryptocurrency exchanges and spans added than 50 countries. BitGo is backed by Goldman Sachs, Craft Ventures, Agenda Currency Group, DRW, Galaxy Agenda Ventures, Redpoint Ventures, and Valor Equity Partners.
Custody casework are currently offered through BitGo Assurance Company, a South Dakota accountant assurance company. BitGo is not registered with the SEC, and does not action legal, tax, investment, or added advice. Please argue your legal/tax/investment able for questions about your specific circumstances.
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