Fireblocks Granted New York Charter for Crypto Custody

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Charter License Obtained
  2. Fireblocks' Plans
  3. Benefits of Limited Charter License


    4. On August 14, Fireblocks announced it had received a New York state charter to custody cryptocurrency for clients in the United States.

    Charter License Obtained

    Fireblocks Trust Company, LLC has received its limited purpose trust company charter to engage in virtual currency business and will soon begin offering cold storage custody solutions powered by Fireblocks' technology to US customers.

    Fireblocks' Plans

    In May, Fireblocks announced its intention to launch a limited-purpose trust company regulated by the New York Department of Financial Services (NYDFS) named Fireblocks Trust Company, which will offer cold storage custody solutions to US clients. Fireblocks now joins a growing list of institutional crypto companies, including Coinbase Custody Trust, Fidelity Digital Asset Services, and PayPal Digital, authorized by NYDFS to custody assets.

    Benefits of Limited Charter License

    Obtaining a limited purpose trust charter is an alternative to New York's demanding BitLicense regime for crypto companies seeking to do business in the state. Limited purpose trust companies can exercise fiduciary powers, including custodial services, and can engage in money transmission in New York without obtaining a separate New York money transmitter license.

    Obtaining the New York state charter is part of Fireblocks' broader plan to create a global network of regulated cryptocurrency custodians. These solutions will support the needs of institutional market participants.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Getty Images Stock Trading Suspended by NYSE

The New York Stock Exchange has suspended trading of Getty Images stock as of September 29, 2023, due to the company's ongoing financial issues and significant debt.

user avatarJacob Williams

Getty Images Faces Bankruptcy Risks Amid Rescue Financing Talks

Getty Images is in confidential discussions with lenders for a rescue financing deal, which may lead to bankruptcy and a lender takeover.

user avatarZainab Kamara

Tavus Launches Griffin, a Revolutionary AI for Human Interaction

Tavus introduces Griffin, an AI model that convincingly simulates human conversation during live video calls.

user avatarAyman Ben Youssef

Griffin Outshines Previous AI Models in Live Conversation Tests

Griffin outperforms its predecessor GriffinLite and other AI models in live conversation tests.

user avatarSon Min-ho

Dolphin Token Listed on Upbit with Three Trading Pairs

Dolphin (POD) has been officially listed on Upbit, one of South Korea's leading cryptocurrency exchanges, with three trading pairs: KRW, BTC, and USDT.

user avatarNguyen Van Long

Optimism Releases Opnode Update to Enhance Sequencer Performance

Optimism has launched a new opnode update aimed at improving the performance of sequencers and preventing configuration errors from causing upgrade issues.

user avatarTando Nkube

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.