Galaxy Digital, the crypto and data center infrastructure company founded by Mike Novogratz, received a New York BitLicense and money transmission license, allowing it to offer regulated crypto trading and custody to institutions in the state.
The company announced on May 18 in a press release that the New York State Department of Financial Services granted both approvals to GalaxyOne Prime NY, the Galaxy entity created to serve New York clients.
- With the approvals, registered investment advisers, hedge funds and family offices in New York can now use Galaxy Digital's trading and custody services through a locally licensed entity.
- New York is one of the stricter U.S. crypto markets as it requires companies conducting crypto business activity with New York or New Yorkers to obtain a BitLicense, unless they operate through another approved structure such as a New York trust charter.
Galaxy said New York now joins its regulatory footprint of more than 50 global licenses. The company also said its digital asset business manages $9 billion in client assets.
Founded in 2018 by Bitcoin bull Mike Novogratz, Galaxy Digital is a New York-based public crypto infrastructure company, with businesses spanning institutional crypto trading, lending, derivatives, asset management, tokenization, staking, custody technology and advisory services.