Digital asset custodian Aegis Custody has received the South Dakota Division of Banking’s blessing to start forming a trust company in the state.
The full-service digital asset shop must clear a series of minor regulatory hurdles before it can secure the trust charter necessary to do business, President Michael McCarty said. He said the process would likely wrap up in weeks.
Once it does, Aegis will become the latest digital asset custodian with a foothold in Sioux Falls. BitGo and Anchorage both base their operations in the trust company-friendly city. But while those industry stalwarts cater mostly to the cryptocurrency custody market, Aegis, already partnered with a Hong Kong custodian, is looking to broader opportunities in digitized finance.
McCarty offered international supply chain financing as one target industry. Aegis would custody the contracts between factories, companies, suppliers and banks, “digitize those and put them out for investment,” he said. Stored in…