Galaxy seeks its own trust bank charter, four years after dropping BitGo

Galaxy Digital (NASDAQ: GLXY) has applied for a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC). Galaxy tried to obtain that same regulated custody capability back in 2021 by acquiring BitGo, but that custodian went on to secure its own federal charter first. Why did Galaxy try to buy BitGo? Galaxy Digital (NASDAQ: GLXY) has applied for a national trust bank charter from the U.S. OCC. Getting that approval will allow the firm to hold and manage client assets and act as a qualified custodian under federal supervision. Galaxy previously tried to gain that capability in May 2021, when it agreed to buy BitGo (NYSE: BTGO) in a deal it valued at roughly $1.2 billion.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Cryptopolitan.