BitGo Seeks Expansion into Middle East Following $100 Million Funding Round
Cryptocurrency custodian BitGo, which recently raised $100 million in a funding round and now boasts a valuation of $1.75 billion, is looking to expand its services into the Middle East. The firm has applied for a Virtual Assets Regulatory Authority (VASP) license in Dubai and is currently awaiting approval from the local regulator.
BitGo CEO Mike Belshe revealed that the company has already started hiring in the region and plans to relocate some staff members from Europe to Dubai. Belshe believes that demand for BitGo’s services will increase in the Middle East.
In addition to Dubai, BitGo is also eyeing expansion opportunities in other Asian regions, including India, Singapore, and South Korea.
Strong Growth for BitGo
Founded in 2013, BitGo experienced significant growth in 2023 with a 60% increase in clients and assets under custody (AUC) surpassing $60 billion. The firm is backed by major investors such as Goldman Sachs, Craft Ventures, and Digital Currency Group.
Hot Take: BitGo Sets Sights on Middle East Expansion
BitGo’s move to expand into the Middle East demonstrates the growing importance of the region in the cryptocurrency industry. By targeting Dubai and other key Asian markets, BitGo aims to capitalize on increasing demand for its custodial services. The company’s successful funding round and strong growth in 2023 provide a solid foundation for its expansion plans. As cryptocurrencies gain more mainstream acceptance, it’s crucial for custodians like BitGo to establish a presence in emerging markets. By obtaining regulatory approval in Dubai and strategically relocating staff members, BitGo positions itself as a key player in the evolving crypto landscape.
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