BitGo expands into Switzerland and Germany with new custodial entities
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BitGo expands into Switzerland and Germany with new custodial entities 10 February 2020London Reporter: Maddie Saghir
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BitGo, a provider of security, custody and liquidity, has expanded its presence with new custodial entities in Switzerland and Germany.
BitGo’s Swiss entity BitGo GmbH is a member of the Financial Services Standards Association (VGF), supervised by the Swiss Financial Markets Authority (FINMA).
Meanwhile, its Germany entity, BitGo Deutschland GmbH, is currently providing custody services in Germany and will apply for regulatory approval when the application window opens in November 2020.
According to BitGo, it introduced the first regulated custodian purpose-built for digital assets in 2018 when it launched BitGo Trust Company in the US, and has seen ‘strong adoption’.
With the two new companies in Switzerland and Germany, BitGo clients can select the jurisdiction that is the best fit for their business.
Mike Belshe, CEO of BitGo, commented: “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.”
“Switzerland and Germany have both become important European centres for digital assets as well as for forward-thinking regulatory frameworks. Regulatory compliance is a prerequisite for our clients, and we have been impressed with the understanding and support of Swiss and German regulators,” Belshe added.
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