European crypto exchanges, as well as other companies with significant crypto holdings they need to protect, now have another option for cold storing their digital fortune. Bitgo is expanding out of the U.S. and into Europe with two new companies in Switzerland and Germany.
Also Read: German Fintechs Rush to Offer Crypto Custody Services Under New Law
Bitgo Expands to Switzerland and Germany
Bitgo, which provides institutional clients with security and financial services for digital assets, has announced that the company is expanding its international presence with two custodial entities in Switzerland and Germany.
The new Swiss entity (Bitgo GmbH) is a member of the Financial Services Standards Association (VQF), supervised by the Swiss Financial Market Supervisory Authority (FINMA). The new German entity (Bitgo Deutschland GmbH) is currently providing custody services in Germany and is expected to apply for regulatory approval when the application window opens in November later this year.
“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 of 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.”
Regulated Crypto Custodian With $100 Million Insurance
In September 2018 the South Dakota Division of Banking approved Bitgo Trust Company as a public South Dakota Trust Company, allowing the company to offer its cryptocurrency custody services to institutional investors in the United States. The Palo Alto company’s backers include major investors from Silicon Valley and Wall Street such as Craft Ventures, Digital Currency Group, DRW Ventures, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.
In February 2019 we reported that Bitgo had secured a $100 million insurance policy through Lloyd’s insurance to cover crypto assets that are completely under the company’s control, such as those held in its business wallet and custody offerings. The policy covers issues like insider theft by employees, loss or damage of private keys and hacks.
What do you think about Bitgo offering crypto custody services in Switzerland and Germany? Share your thoughts in the comments section below.
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