Dick Corcoran, a veteran of the South Dakota banking industry, now helms something new: a trust company designed to hold digital assets.

For decades, Dick Corcoran shaped the landscape of the trust industry in South Dakota. Now, he’s come out of retirement to spearhead a new twist on an old business: cryptocurrency. 

Corcoran was recently named chief executive of BitGo Trust Company, a South Dakota-based trust specifically built to store digital currencies.

“Right now it’s a booming industry; it’s got a growth all its own,” he said.

BitGo’s parent company, Palo Alto, California-based BitGo Inc., says BitGo Trust Company is the first qualified custodian created for cryptocurrency. For institutional investors such as banks, that’s a big deal – one that could open up cryptocurrencies such as…