NEW YORK – The New York Department of Financial Services (DFS) said on Thursday it had granted a virtual currency license to global financial services company Xapo to offer a digital wallet and vault service.
DFS also approved New York-based global cryptocurrency exchange itBit’s application to trade and offer custody services to four additional virtual currencies — Bitcoin Cash, Ethereum, Litecoin, and Stellar Lumens. itBit also offers bitcoin on its exchange.
Xapo, a start-up that offers bitcoin wallets and cold storage vault, was co-founded by Paypal board member Wences Caceres. Its board of advisers is led by former U.S. Treasury Secretary Lawrence Summers and former Citibank chairman and chief executive John Reed.