Blockchain software firm BitGo announced on Monday it is expanding its global presence with new custodial entities in Switzerland and Germany. According to BitGo, 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 claims it introduced the first regulated custodian purpose-built for digital assets in 2018 when it launched BitGo Trust Company in the U.S. and has seen strong adoption. The firm reported that with the two new companies in Switzerland and Germany, its clients may select the jurisdiction that is the “best fit” for their business. Speaking about the expansion, Mike Belshe, CEO of BitGo, stated:
“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.”
Belshe then shared:
“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.”
Founded in 2013, BitGo claims to be the market leader in institutional cryptocurrency financial services and provides clients with security, compliance, and custodial solutions.
“Today, BitGo is the world’s largest processor of on-chain Bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. BitGo supports over 100 coins and tokens, and has over $2 billion in assets in wallet. Our customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, we introduced BitGo Custody and launched BitGo Trust Company, the first qualified custodian purpose-built for storing digital assets.”
BitGo added its 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.