Crypto exchange FTX US applied to the New York Department of Financial Services for a trust certificate in order to be able operate within the state.

FTX US announced Wednesday that it would be launching a new product. In an attempt to make its products and services available to local customers, it applied for a limited purpose trust corporation with New York’s Financial Services Regulator. Fidelity Investments’ Marissa MacDonald will manage the trust, while she awaits regulatory approval. She will also assume the position of chief compliance officer.