BitGo, a California-based digital assets financial services firm is expanding its global presence by launching two new cryptocurrency custodial platforms in Switzerland and Germany. The new custodial companies are aimed at providing BitGo customers with more jurisdictions to choose from, depending on which is most suited for their business, according to a press release on February 10, 2020.
BitGo Expands into Switzerland and Germany
Per the press release, BitGo is expanding its global presence by launching two custodial entities in Switzerland and Germany.
According to the team, BitGo GmbH, its Swiss-based company is a member of the Financial Services Standards Association (VQF), and the latter is supervised by the Swiss Financial Market Supervisory Authority (FINMA).
On the other hand, BitGo Deutschland GmbH, its German-based entity provides custody services in Germany and the company will seek regulatory approval when it is opened for application in November 2020.
Multiple Options for Clients
The team also outlined that these custodial entities were launched to provide more options for BitGo clients to choose from, depending on the jurisdiction that is best suited for their business.
Explaining why the launch in this continent was needful, Mike Belshe, CEO, BitGo said the company saw high demand for a custodial entity in Europe in 2019, and it was clear that clients sought for European based firms that were regulated within specific jurisdictions.
Also, Switzerland and Germany have become important countries in Europe for digital assets and 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 said.
BitGo was founded in 2013, however, it launched the first regulated digital assets custodial platform in 2018 after the inception of its subsidiary, BitGo Trust Company in the U.S.
The custodial platform is backed by Goldman Sachs, Galaxy Digital Ventures, Digital Currency Group, Craft Ventures, amongst others.
BitGo also caters to institutional clients, providing them with a comprehensive set of security, custody, and liquidity services for digital assets while insuring these assets, against loss or theft, with $100 million.
In line with that, the digital assets financial services firm processes about 20% of Bitcoin transactions worldwide and offers support for 250 cryptocurrencies.
The digital assets financial services firm has also partnered with several companies in the crypto space including digital currency group company Genesis Global Trading, and LGO Markets.
On October 10, 2019, BTCManager informed that BitGo has collaborated with Bitstamp cryptocurrency exchange to provide custody service to the exchange.
BTCManager also reported on February 6, 2020, that BitGo has enabled its clients to trade directly from their custody accounts using an API, SettleBit.