BitGo Obtains Custody License from BaFin
Cryptocurrency custodian BitGo has acquired a custody license from BaFin, the German Federal Financial Supervisory Authority. This license solidifies BitGo’s presence in the European market and allows the company to provide its services to active companies in Germany. BitGo had previously established regulated custodial entities in Germany and Switzerland in February 2020 and started offering custody services in Germany shortly after. The company received approval from the New York Department of Financial Services for a trust charter in 2021. BitGo’s managing director, Dejan Malijevic, confirmed that the company is now fully licensed. In addition, BitGo recently announced its plans for expansion into the Middle East following a $100 million funding round.
Hot Take: BitGo Expands Its Presence with BaFin License
BitGo’s acquisition of a custody license from BaFin marks a significant milestone for the cryptocurrency custodian. With this license, BitGo can expand its services to active companies in Germany, further establishing its presence in the European market. This achievement follows BitGo’s previous regulatory approvals and demonstrates its commitment to compliance and regulation. The company’s expansion plans into the Middle East also indicate its ambition to tap into new markets and cater to growing demand for cryptocurrency custodial services globally. As BitGo continues to enhance its regulatory standing and explore new opportunities, it is poised to play a crucial role in shaping the future of cryptocurrency custody.
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