BitGo Scores Crypto Custody License From Germany On Heels Of $100M Funding Round

U.S.-regulated cryptocurrency custody firm, BitGo received a crypto custody license from the German Federal Financial Supervisory Authority (BaFin).

The firm already stored crypto assets under the regulator's supervision since 2019 as part of a transitional regime.

BitGo’s step, as reported by CoinDesk, comes as it focuses on its expansion plans with proper regulatory compliance. The firm has set up two custodial entities in Germany and Switzerland in 2020 with its German arm, BitGo Deutschland GmbH offering services and kick-starting license applications.

This development comes on the heels of Benzinga's Future Of Digital Assets Event in New York scheduled on Nov. 14. Attend and learn more about Europe and the MiCA regulation for a regulatory blanket on crypto companies. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm. 

This is yet another step taken by Germany as it is a leading country in Europe to adopt crypto safekeeping. It has successfully passed laws that encourage banks and custody specialists to handle digital assets and offer related services. Post the MiCA regulation in Europe, Europe is attracting several crypto investments.

Read Next: Could Crypto Firms Play Jurisdiction 'Roulette' Under EU's MiCA Regulation?

In 2021, BitGo received approval from the New York Department of Financial Services for the New York Trust Charter as it planned to offer custody services to a large pool of institutional clients in the state.

Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our Nov. 13 Fintech Deal Day and Nov. 14 Future of Digital Assets. Secure a spot here to join them!

Recently, BitGo acquired software tools provider, HeightZero for meeting expected rising crypto demand to enable the firm to deliver its full discretionary service safely and securely to U.S. financial advisors. In August 2023, BitGo closed its $100 million funding round thereby pushing its valuation to $1.75 billion.

Also Read: Crypto Space Gets A Boost With European Banking Authority And ESMA's Proposed Regulations