The New York State Department of Financial Services (NYDFS) has granted BitLicense and Money Transmission License approvals to crypto-focused financial services company Galaxy Digital's subsidiary, GalaxyOne Prime NY, enabling the firm to offer trading and financing services to institutional investors in the most highly regulated US crypto market.
The NYDFS approvals allow GalaxyOne Prime NY to offer trading and financing services to institutional investors in one of the most tightly regulated US crypto markets.
Galaxy Digital, a crypto-focused financial services company led by Mike Novogratz, has received a BitLicense and Money Transmission License from the New York State Department of Financial Services , allowing it to expand regulated digital asset services to institutional clients in the state. Monday that the approvals were granted to its subsidiary, GalaxyOne Prime NY, which provides trading and financing services to institutional investors.
In a statement, Novogratz said New York represents the “deepest pool of institutional capital in the country,” and that the approvals will help broaden institutional access to digital assets. Introduced in 2015, New York’s BitLicense is widely considered one of the most difficult regulatory approvals for crypto companies to obtain because it requires extensive compliance controls related to anti-money laundering, cybersecurity, capital reserves and consumer protection.
, Jack Mallers’ Strike was among the latest high-profile crypto companies to receive approval from the NYDFS, allowing the firm to offer Bitcoin services to residents and businesses in the state.reported a net loss of $216 million in the first quarter ended March 31, driven largely by lower digital asset prices, though the result was better than analyst expectations. Gross revenue totaled $10.2 billion for the quarter, down from $12.9 billion in the same period a year earlier.
According to its Q1 earnings report, Galaxy expects growth to accelerate beginning in the current quarter as revenue from its data center business increases.in the digital asset industry, Galaxy has expanded beyond cryptocurrency trading and investing into data center infrastructure. The company said future growth will be supported by its Helios Data Center campus in Texas and revenue tied to artificial intelligence and high-performance computing workloads. Turner Wright
Galaxyone Prime NY Regulated Digital Asset Services Bitlicense Money Transmission License Institutional Investors New York's Bitlicense Jack Mallers' Strike Lower Digital Asset Prices Higher Revenue Data Center Infrastructure Increase In Revenue From Data Center Business
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