BitGo has hired Richard J. Corcoran, a long-time veteran of the trust company industry, to head the crypto security startup's institutional custody business.
Announced Thursday, Corcoran will oversee billions of dollars in value as CEO of a recently formed division called BitGo Trust Company, one of a growing field of crypto custodians courting hedge funds, family offices and mutual funds as clients.
"I understand the regulatory requirements and how to comply with those standards and maintain compliance as we serve customers," Corcoran told CoinDesk, adding that the first big-ticket clients are now being on-boarded.
Corcoran is especially familiar with the requirements of South Dakota, which granted BitGo a trust company license.
From First National Bank in Sioux Falls, South Dakota, in 2016, after 25 years leading its trust department.
Stepping back, institutional investors are generally required by U.S. law to use qualified custodians.
Although banks and broker-dealers can act as qualified custodians, the state trust company license has proved popular among crypto specialists such as BitGo, Kingdom Trust and Coinbase.
South Dakota is "If not the top, one of the top trust jurisdictions in the country, and that's because of our very favourable trust laws and the manner in which we monitor these laws," said Corcoran, who served on the South Dakota Governor's Task Force on Trust Administration and Reform.
"When I came here in 1979 there were a total of 12 trust institutions; now there are over 100 independent trust companies alone here," he added.
An attorney by training who reportedly helped draft more than half a dozen statutes, Corcoran explained that being a chartered trust company in South Dakota involves certain basic requirements.
BitGo Brings Banker Out of Retirement to Lead Institutional Crypto Custody
Published on Dec 6, 2018
by Coindesk | Published on Coinage
Binance Removing CLOAK, MOD, SALT, SUB, and WINGS: Industry-Wide Delisting Trend
Binance announced today that it will be delisting CLOAK, MOD, SALT, SUB, and WINGS from its trading platform, citing reasons ranging from "Commitment of the team to project" to "Fraudulent conduct." The move comes after the exchange's removal of BCN, CHAT, ICN, and TRIG last October, and may indicate a broader industry trend.
Decentralized Finance Emerges as Banner Topic at Ethereum Denver Conference
Kicking off the annual ethereum hackathon ETHDenver, Aave CEO Stani Kulechov shared an opening address on on "Leaping decentralized finance [into the] mainstream."
Crypto Markets Continue to See Mixed Signals, Dow Jones Up Over 360 Points
Feb. 15 - crypto markets have continued trading sideways after hitting a multi-month high of daily trading volume of more than $36 billion yesterday, according to CoinMarketCap data.
Bitcoin, Ethereum, Ripple, Litecoin, EOS, Bitcoin Cash, TRON, Stellar, Binance Coin, Bitcoin SV: Price Analysis, February 15
Considering the large target potential, we suggest traders maintain their stops at $100. We might recommend closing the position if the pair turns down and sustains below $116.30.XRP/USDRipple has been finding support close to $0.295 for the past three days, but the bulls are struggling to break out of the downtrend line.