New York Digital Investment Group (NYDIG) Execution, a unit of NYDIG, has secured a New York crypto licence. The virtual currency and money transmission licence from the New York State Department of Financial Services (DFS) is the fourteen of its kind granted.

The move enables the firm to offer crypto custodial and trade execution services in New York.

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With the licence, NYDIG will serve as a custodian for cryptocurrencies Bitcoin, Bitcoin Cash, Ether, XRP, and Litecoin.

NYDIG CEO Robert Gutmann said: “NYDIG is pleased to receive these regulatory approvals and we look forward to providing secure and transparent liquidity, custodial and asset management services to the institutional market.”

NYDIG can be involved in self-custody. In order to offer custodial services, the business can also contract with a third party, NYDIG Execution or NYDIG Trust.

A subsidiary of NYDIG, NYDIG Trust has now secured limited trust status from the DFS.

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DFS Maria Vullo said: “As the financial services marketplace continues to expand and evolve in New York, the implementation of strong regulatory safeguards that encourage the responsible growth of the industry, while first and foremost protecting consumers remains critical.

“Today’s approval further demonstrates that operating within New York’s robust state regulatory system leads to a stronger fintech marketplace and promotes innovation and necessary compliance with effective risk-based controls.”