BitGo Expands Custody Offerings To Switzerland, Germany

By RTTNews Staff Writer | Published: 2/11/2020 9:29 AM ET

U.S.-based digital asset financial services firm BitGo extended its operation to Europe by opening up two new regulated custodial entities in Switzerland and Germany – BitGo GmbH in Switzerland and BitGo Deutschland GmbH in Germany.

“We saw a lot of demand in Europe last year and it was clear that clients there needed to be able to work with European based firms that were regulated within specific jurisdictions,” said Mike Belshe, CEO of BitGo.

The entities will be regulated by different financial authorities. BitGo GmbH is a member of the Financial Services Standards Association (VQF), supervised by the Swiss Financial Market Supervisory Authority (FINMA).

BitGo Deutschland GmbH is currently providing custody services in Germany and will apply for regulatory approval when the application window opens in November 2020.

Switzerland and Germany have both become important European centers for digital assets with forward-thinking regulatory frameworks.

BitGo introduced the first regulated custodian purpose-built for digital assets in 2018 when it launched BitGo Trust Co. in the U.S. and has seen strong adoption. BitGo clients can now select the jurisdiction that is the best fit for their business.

BitGo, backed by Michael Novogratz’s Galaxy Digital Ventures and Goldman Sachs, is a provider of institutional cryptocurrency financial services, providing clients with a set of security, compliance, and custodial solutions.

BitGo claims to processes more than about 20 percent of all global Bitcoin transactions. It supports over 250 coins and tokens, and its customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries.

In February last year, BitGo partnered British insurer Llyod’s of London to provide insurance protection for cryptocurrencies and digital assets such as Bitcoin held in their Business Wallet and Custody offerings. Llyod’s is providing insurance for up to $100 million of custodial assets held by either BitGo, Inc., or BitGo Trust Co.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe