BitOoda Digital, a subsidiary of digital asset firm BitOoda Holdings, recently announced that it has received a virtual currency license, also known as the BitLicense, from the New York Department of Financial Services (NYDFS).
Through the newly obtained license, BitOoda can now establish its headquarters in New York City. Additionally, the approval has enabled the firm to compliantly cover institutional clients in New York. Providing details about its mission regarding the digital asset market, BitOoda mentioned that it is planning to establish a leading sell-side research sales firm.
“We are grateful for the constructive and collaborative experience we had in working with the DFS team, and we’re thrilled to be able to serve New York cryptocurrency clients,” the CEO of BitOoda, Tim Kelly stated. “This represents a great example of the public and private sectors coming together to thoughtfully drive responsible innovation and will give greater confidence to digital asset investors, as our goal is to bring more institutional capital to rapidly grow the asset class in a fully-regulated manner.”
New York
New York is home to some of the largest crypto firms in the world. In December 2021, NYDIG, a New York-based Bitcoin company raised $1 billion in funding at a valuation of more than $7 billion. Despite the rising number of digital asset companies in the region, a small number of firms are currently holding the virtual currency license (BitLicense) in New York.
According to the COO and Chief Compliance Officer of BitOoda, Tom Nath the approval will facilitate the adoption of innovative digital asset financial solutions in the region.
“We look forward to leveraging our latest regulatory approval to enhance transparency and professionalism in the New York digital asset marketplace, and to drive adoption through the expansion of compliant digital asset financial solutions available to the growing number of sophisticated institutional clients,” Nath said.
