Galaxy Digital Receives License to Expand Crypto Services in New York
Galaxy Digital, led by Mike Novogratz, has obtained a BitLicense and a money transmitter license from the New York State Department of Financial Services (NYDFS). This authorization allows the company to provide regulated digital asset services to institutional clients in the state. According to Cointelegraph.com reports .
The license was granted to the subsidiary GalaxyOne Prime NY. This division provides trading and financing services for institutional investors. New York is considered one of the most strictly regulated jurisdictions in the U.S., making this authorization a significant strategic step for the company.
Introduced in 2015, the BitLicense is considered one of the most difficult permits to obtain for crypto companies. It includes high requirements for anti-money laundering, cybersecurity, and capital reserves. Novogratz noted that New York is the largest hub for institutional capital, and this development facilitates market entry.
Despite reporting a net loss of $216 million in the first quarter of this year, the company is diversifying its operations. Currently, the firm plans to develop not only in crypto trading but also in artificial intelligence and high-performance computing infrastructure through its Helios data center in Texas.
