MoonPay Secures New York Trust Charter, Expands Institutional Crypto Services

Core Viewpoint - MoonPay has received approval to operate as a New York Limited Purpose Trust Company, enabling it to offer crypto custody and OTC trading services to institutions under regulatory oversight [1][2]. Group 1: Regulatory Approval and Licensing - MoonPay is now among a select group of digital asset firms, including Coinbase, PayPal, and Ripple, that possess both a BitLicense and a Trust Charter from the New York State Department of Financial Services (NYDFS) [2]. - The Trust Charter allows MoonPay to act as a fiduciary, safeguarding digital assets on behalf of clients, which is essential for banks and asset managers considering crypto investments [3]. Group 2: Strategic Implications - The New York Trust Charter reflects MoonPay's commitment to compliance, security, and governance, facilitating deeper relationships with global financial institutions and expanding its regulated service offerings [4]. - The new status enhances MoonPay's credibility with traditional financial institutions, making it a more appealing partner for banks and fintechs looking to enter the crypto market while adhering to regulatory standards [5].