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Crypto custodian BitGo has announced that the expansion of its global footprint with the launch of new custodial entities in Switzerland and Germany.
In Switzerland, the firm has established BitGo GmbH, which is a member of the Financial Services Standards Association (VQF), supervised by the Swiss Financial Market Supervisory Authority (FINMA).
On the other hand, BitGo has set up BitGo Deutschland GmbH in Germany and is currently providing custody services in the country. It will apply for regulatory approval when the application window opens in November 2020.
“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.”
Founded in 2013, BitGo is a leading provider of institutional-grade, multi-signature, multi-coin hot wallet. In 2018, the company received regulatory approval to offer custodial service for cryptocurrencies and established BitGo Trust Company in the United States.
The company said that its clients can now select the jurisdiction that is the best fit for their business with the newly launched companies in Switzerland and Germany.
“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,” the company said.
