BitGo Secures OCC Approval to Convert to Federally Chartered National Trust Bank

Core Viewpoint - BitGo Holdings, Inc. has received approval from the Office of the Comptroller of the Currency (OCC) to convert its subsidiary, BitGo Trust Company, into a federally chartered national bank named BitGo Bank & Trust, National Association (N.A.) [1][2] Group 1: Regulatory Approval and Structure - The conversion allows BitGo Bank & Trust, N.A. to operate under a uniform federal supervisory regime, providing clarity, governance, and regulatory certainty expected from federally regulated fiduciaries [2] - BitGo Bank & Trust, N.A. is authorized to conduct all activities of a national trust bank, subject to applicable laws and OCC requirements, ensuring enhanced federal governance and compliance [3][6] Group 2: Strategic Implications - The OCC charter strengthens BitGo's global network of licenses and registrations, enhancing its ability to deliver secure and compliant infrastructure at scale [4] - The conversion is seen as a significant milestone for the digital asset ecosystem, positioning BitGo at the forefront of integrating digital assets into the regulated financial system [4] Group 3: Service Offerings - BitGo's platform supports a range of services including trading, custody, staking, stablecoins, and treasury services for institutions globally, with the new bank charter expected to enhance and scale these offerings [4][5] - The bank will provide custody and safekeeping of digital assets, along with certain non-deposit financial assets, without the need for state-by-state licensing due to federal law preemption [6] Group 4: Operational Standards - BitGo Bank & Trust, N.A. will adhere to ongoing audits, comprehensive supervision, and stringent capital requirements, with up to $250 million in insurance coverage for assets held in qualified custody [7]