BitGo Inc. has named Richard Corcoran CEO of BitGo Trust Co., a division of BitGo Holdings Inc., a firm that is the first regulated firm made specifically to store digital assets.

Corcoran was executive vice president of wealth management at the First National Bank in Sioux Falls, where he managed a $4 billion trust department and a full service investment brokerage, according to a press release.

He previously spent a decade as an attorney at Woods, Fuller, Schultz and Smith and assistant vice president of First Northwestern Trust.

The  South Dakota-based firm, formed in September, received a charter from state Division of Banking and will grow its team of experts in the fields of finance, security and other industry experts.

The bank provides support for more than 100 different coins and tokens, plus fiat currency.