Digital asset financial services provider BitGo announced that they are expanding their presence in Switzerland and Germany by the establishment of new custodial entities in both countries. The Swiss holding company established by BitGo, called BitGo GmbH, is regulated under the Financial Services Standards Association (VQF), which is, in turn, supervised by the Swiss Financial Market Supervisory Authority (FINMA). The German entity, called BitGo Deutschland GmbH, provides financial services within the country at the moment and will be seeking regulatory approval when the application window reopens in November 2020.
Growth and Expansion into the Wider World
BitGo had already established a platform within the US for digital financial asset management in 2018. The two latest additions to the company’s international network open up a lot of possibilities for growth and development. It also allows flexibility for clients who want access to different markets. The exposure to these markets means that clients can now interact with local enterprises in both companies, secure in the understanding that their assets fall under a regulatory committee. Compliance with local and state regulations are an essential factor in BitGo’s business and a considerable element informing their commercial customers as to the legitimacy of their operations.
BitGo is already one of the world’s largest processors of Bitcoin transactions in the world, handling about one-fifth of the world’s daily operations. With support for over two hundred and fifty coins and other tokens, BitGo seeks to be one of the world premier providers for digital financial assets. The company also supports some of the world’s largest cryptocurrency exchanges and operates in over fifty countries worldwide. With the future of financial services inextricably intertwined with digital assets, BitGo’s expansion into the European market sets the company up to take advantage of the adoption of this emerging technology. As more businesses become comfortable using tokens and cryptocoins to pay for services, BitGo’s standing as a respected digital financial asset broker will matter even more.