SFOX, a crypto brokerage company based in California has received approval in Wyoming to set up a trust charter. This charter will let the firm provide custodial services and others related to cryptocurrency to large institutional investors. In an announcement made on Tuesday, March 1st, SFOX said that they can now operate as a company and offer their services to clients and advisors.
The charter makes it easy for the company to offer reliable and secure options to invest, trade and also serve as a custodian for many digital assets. SFOX’s mission is to provide the widest possible access to digital assets in an efficient and secure manner. Clients can now work with SFOX to invest in currencies like BTC, SOL, ETH and AVAX. Clients can also invest in other tokens in accordance with the regulatory framework in Wyoming.
Wyoming is one state in the US which has taken the lead to set up digital asset related regulations. The first bank to get permission to operate as a crypto exchange is Kraken, a charter bank. Permission was granted to Kraken in September 2020. After deciding to do this, the state went on to elect a senator who is well disposed towards cryptocurrencies. Cynthia Lummis, the senator in question has worked with other lawmakers to write up legislation to recognize DAOs ad limited liability entities.
SFOX was founded in 2014. It is backed by a number of VC firms and is planning to ensure that expanded access is available to BTC related derivatives. You can find more information on the SFOX website.