BitGo, the provider of financial services for digital assets, announces that its subsidiary in Germany, BitGo Europe GmbH, has received a crypto custody license from the German Federal Financial Supervisory Authority (BaFin).
BitGo has already been storing crypto assets “for its customers since 2019, also under BaFin supervision, as part of a transitional regime.”
The BitGo team in Frankfurt am Main has grown steadily and is “led by two managing directors in accordance with BaFin requirements.”
Sven Möhle is responsible “for the market area, Dejan Maljevic for the back office activities.”
Germany is playing an increasingly important role “in digital asset custody and regulation.”
Together with BaFin, they are pleased “to bring crypto custodial services to our clients in Germany and Europe.”
To guarantee the safety of the stored assets, at BitGo Europe GmbH, the majority of the customer keys are “stored locally in cold storage in Germany.”
They are protected by multiple security measures, “including proprietary technologies that are considered de facto industry standards.” Therefore BitGo assumes liability “for the assets stored in cold custody and has insured them accordingly. Well-known neobrokers rely on BitGo and entrust their customers’ digital assets to the company.”
Dejan Maljevic, Managing Director BitGo Europe comments:
“BaFin is recognized as one of the world’s key trendsetters in crypto regulation. It enables the progress that digital currencies entail while creating a secure regulatory framework. We have worked hard to obtain this license. Now we are pleased to have reached this milestone.”
Mike Belshe, CEO of BitGo, Inc. said:
“Germany is playing an increasingly important role in digital asset custody and regulation. Together with BaFin, we are pleased to bring the best-in-class crypto custodial services to our clients in Germany and Europe.”
As noted in the update, BitGo Group is “the provider of financial services for digital assets, offering liquidity, custody and security solutions to institutional investors. In addition, BitGo Group provides access to decentralized finance (DeFi), staking, wallets for non-fungible tokens (NFT) and other innovative services.”
Founded in 2013, BitGo Group is “one of the most experienced players in the market worldwide. BitGo Group pioneered the multi-signature wallet. BitGo Group processes over 20 percent of all global bitcoin transactions and supports over 700 coins and tokens. BitGo Group is backed by well-known investors.”
The BitGo Group’s customer base “includes the world’s largest cryptocurrency exchanges and institutional investors from more than 50 countries. Since 2023, BitGo Europe GmbH, a BitGo Group company, has held a crypto custody license from BaFin.”