BitGo, a leading digital asset financial services company based in the United States, has announced the launch of two new regulated custody entities in Europe—strengthening its global footprint in cryptocurrency security solutions.
BitGo's European Expansion Strategy
- Market Dominance: Processes over 20% of global Bitcoin transactions.
- New Subsidiaries: Established BitGo GmbH (Switzerland) and BitGo Deutschland GmbH (Germany).
- Dual Jurisdiction Approach: Clients can choose between FINMA-regulated Swiss or BaFin-regulated German operations.
Regulatory Milestones
- Switzerland: BitGo GmbH joined the Financial Services Standards Association (VQF), a self-regulatory organization overseen by FINMA.
- Germany: BitGo Deutschland GmbH will apply for full regulatory approval by November 2020 under the country’s updated Banking Act.
👉 Explore secure crypto custody solutions tailored for institutional investors.
Why Europe?
CEO Mike Belshe cited surging demand for compliant custody services in 2019:
"Switzerland and Germany have emerged as Europe’s foremost digital asset hubs due to progressive regulatory frameworks. Compliance isn’t optional—it’s the baseline for trust."
Cryptocurrency-Friendly Developments
Germany’s Regulatory Shift
- Proposed legislation may allow banks to offer Bitcoin custody and sales by 2020.
- BaFin’s licensing pathway for crypto custodians sets a precedent.
Switzerland’s Evolving Landscape
- Private banks like Julius Bär now provide digital asset services.
- FINMA lowered the KYC threshold to ~$1,020 for crypto transactions (previously $5,100).
BitGo’s Global Credentials
- Founded in 2013 (Palo Alto, CA) as a Bitcoin storage pioneer.
- Holds a U.S. national trust charter (South Dakota, 2018).
- Supports 250+ cryptocurrencies across 50+ countries.
Key Services
- Institutional-Grade Custody: Multi-signature wallets, cold storage.
- Blockchain Security: SOC 2 Type II certified.
👉 Discover how BitGo’s custody solutions mitigate risks for high-net-worth clients.
FAQ
1. How does BitGo ensure asset security?
BitGo combines multi-signature technology, geographically distributed cold storage, and real-time auditing to protect digital assets.
2. Which jurisdictions does BitGo’s European expansion cover?
Switzerland (FINMA-regulated) and Germany (BaFin-regulated), offering clients jurisdictional flexibility.
3. What cryptocurrencies does BitGo support?
250+ assets, including Bitcoin (BTC), Ethereum (ETH), and major tokens compliant with local regulations.
4. Why choose Switzerland for crypto custody?
Pro-business policies, FINMA oversight, and a reputation as a global crypto hub.
5. How does Germany’s new banking law impact crypto?
Banks may soon legally custody cryptocurrencies, accelerating institutional adoption.
6. Is BitGo’s service available to retail investors?
Primarily serves institutions, hedge funds, and exchanges—minimum deposit requirements apply.