Digital custody services provider BitGo has announced today in London that it is expanding its global presence with new custodial entities in Switzerland and Germany.

BitGo says its Swiss entity BitGo GmbH is a member of the Financial Services Standards Association (VQF), supervised by the Swiss Financial Market Supervisory Authority (FINMA).

Its German entity, BitGo Deutschland GmbH, is currently providing custody services in Germany and will apply for regulatory approval when the application window opens in November 2020, it adds.

BitGo says it introduced the first regulated custodian purpose-built for digital assets in 2018 when it launched BitGo Trust Company in the United States and has seen strong adoption. Now, it says, clients can select the jurisdiction that is the best fit for their business.

"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, BitGo.

"Switzerland and Germany have both become important European centres 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."

BitGo says it provides institutional clients with a comprehensive set of security, custody, and liquidity services for digital assets. BitGo clients are responsible for other parties' assets, often operating in a fiduciary capacity, and that requires the highest levels of security and regulatory compliance.

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Digital custody services provider BitGo has announced today in London that it is expanding its global presence with new custodial entities in Switzerland and Germany.

BitGo says its Swiss entity BitGo GmbH is a member of the Financial Services Standards Association (VQF), supervised by the Swiss Financial Market Supervisory Authority (FINMA).

Its German entity, BitGo Deutschland GmbH, is currently providing custody services in Germany and will apply for regulatory approval when the application window opens in November 2020, it adds.

BitGo says it introduced the first regulated custodian purpose-built for digital assets in 2018 when it launched BitGo Trust Company in the United States and has seen strong adoption. Now, it says, clients can select the jurisdiction that is the best fit for their business.

"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, BitGo.

"Switzerland and Germany have both become important European centres 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."

BitGo says it provides institutional clients with a comprehensive set of security, custody, and liquidity services for digital assets. BitGo clients are responsible for other parties' assets, often operating in a fiduciary capacity, and that requires the highest levels of security and regulatory compliance.