According to Odaily Planet Daily, the cryptocurrency custody institution BitGo stated on Friday that it has received conditional approval from the Office of the Comptroller of the Currency to transform into a banking institution. Once final approval is obtained, BitGo will convert its trust company registered in South Dakota into a federally chartered national trust bank, and will custody digital assets and certain non-deposit financial assets. The company stated that it expects to receive final approval soon, allowing it to provide regulated cryptocurrency-related services without the need for state-by-state approval.