BitGo – launches cryptocurrencies storage services in Switzerland and Germany
BitGo is an American company that provides digital financial assets services. It has announced global expansion through its new trustees in Germany and Switzerland. This was exactly February 10
BitGo Global Expansion
According to the BitGo press release, both items that store digital assets will comply with the laws that apply in their respective jurisdictions. A BitGo trustee in Germany is currently providing services in that country and has requested supervisory approval for November 2020. The trustee in Switzerland, in turn, is part of the VQF, supervised by FINMA.
With regard to this version, Mike Belshe, CEO of BitGo, said that last year they were extremely sought after on the European continent. It was clear to them that customers should be able to work with them. However, they first pointed out Germany and Switzerland to their global expansion plans.
According to the press release, BitGo customers will be able to choose the jurisdiction that best suits their business. This is thanks to the creation of these two depositaries in Europe itself. We should note that in 2018, BitGo in the United States launched the first supervised trustee specifically designed for digital assets, the BitGo Trust Company, and was strongly welcomed, as announced in the news.
What do we know about the BitGo Company itself?
BitGo was founded in 2013 by Ben Davenport and Mike Belshe in Palo Alto, California. BitGo’s storage, security and liquidity services are provided to institutional clients only, as indicated on their website. In addition, BitGo is a pioneer in the world premiere of a signature handbag with many signatures just for the cryptographer.
BitGo investors include: Digital Currency Group, Craft Ventures, Galaxy Digital Ventures, DRW Ventures, Valor Equity Partners, Redpoint Ventures and Goldman Sachs. In early February, we learned that BitGo also works with SettleBit, a financial services provider.
BitGo confirms that the company already processes over 20 percent of all global bitcoin transactions and accepts over 250 tokens and currencies. They have the largest asset exchange houses among their clients. They cover over 50 countries.
BitGo’s announcement joins a report from the latest local German media which states that more than forty banks in Germany alone, including SolarisBank, have applied for a license to operate with the Federal Financial Supervision Authority of that country’s own digital assets, such as just being crypted.
Meanwhile, in Switzerland, Overture has published a statement that it will create an IPO, which stands out because it is an initial public offering accepted by the Swiss regulator.