The New York State Department of Financial Services (DFS) has granted a BitLicense to institutional-grade crypto trading platform Tagomi Trading, according to an official press release on March 27.

Tagomi Trading, a subsidiary of Tagomi Holdings, is now legally authorized to trade virtual currency assets and to engage in money transmission. The company is allowed to offer trade routing and order execution services for non-security virtual currencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), the statement notes.

The firm’s parent company, Tagomi Holdings, was launched by PayPal co-founder Peter Thiel’s venture capital firm in December 2018. The company represents an electronic brokerage for digital assets offering cross market execution, capital management, post-trading reporting, as well as settlement and custodial services.

With that, Tagomi Trading is an institutional-grade aggregation platform for trading virtual currency assets and executes trades across multiple liquidity venues, the DFS’ statement explains.

Tagomi’s BitLicense acquisition comes on the heels of the recent $12 million funding round by Tagomi Holdings, with the new investors featuring Yale-backed Paradigm Fund and crypto industry giant Pantera Capital. Following the investment round, the company’s funding amounted to $28 million.

Since DFS started regulating the crypto market back in 2015, the authority granted 18 BitLicenses. In November 2018, the regulator issued a BitLicense to NYDIG Execution, subsidiary of the New York Digital Investment Group.