BitGo Expands Global Presence With Regulated Custody in Switzerland and Germany
LONDON–(BUSINESS WIRE)–BitGo, the leader in digital asset financial services, announced today that the company is expanding its global presence with new custodial entities in Switzerland and Germany. BitGo’s Swiss entity BitGo GmbH is a member of the Financial Services Standards Association (VQF), supervised by the Swiss Financial Market Supervisory Authority (FINMA). BitGo’s German 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.
BitGo introduced the first regulated custodian purpose-built for digital assets in 2018 when it launched BitGo Trust Company in the United States and has seen strong adoption. Now, with these two new companies in Switzerland and Germany, BitGo clients can select the jurisdiction that is the best fit for their business.
“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, BitGo. “Switzerland and Germany have both become important European centers 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.”
BitGo provides institutional clients with a comprehensive set of security, custody, and liquidity services for digital assets. BitGo clients are responsible for other parties’ assets, often operating in a fiduciary capacity, and that requires the highest levels of security and regulatory compliance. Built on BitGo’s pioneering multi-signature security, BitGo’s custody offerings are purpose-built for securing today’s digital assets. BitGo is focused on regulatory compliance corporate governance and was the first firm to announce SOC 2 Type 2 certification from a leading audit firm.
BitGo is the leader in digital asset financial services, providing institutional investors with security, custody, and liquidity solutions. BitGo processes over 20% of all global Bitcoin transactions, and supports over 250 coins and tokens. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets. BitGo is backed by Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.