Galaxy Digital Secures NY BitLicense Amid Market Weakness
Galaxy Digital has obtained a New York BitLicense and Money Transmitter License from the New York State Department of Financial Services (NYDFS), allowing it to offer regulated crypto trading and custody services to institutional clients in the state.
The company's subsidiary, GalaxyOne Prime NY, received the licenses for the first time. With this approval, Galaxy Digital joins a small group of firms with a BitLicense, including Coinbase, Robinhood, Circle, and PayPal.
Galaxy CEO Mike Novogratz called New York 'the deepest pool of capital in the country,' where digital assets are moving into mainstream institutional allocations.
The licenses cover Galaxy's full trading and custody platform. The company currently manages $9 billion in client assets and is expanding its partnerships across Wall Street, including providing staking infrastructure for the iShares Staked Ethereum Trust ETF (ETHB), run by BlackRock.