Crypto custodian BitGo expands operations in Switzerland and Germany

U.S.-based crypto custodian BitGo, which claims to have over $2 billion in clients' assets, has expanded its operations to Europe.

The firm has opened two new units in Switzerland and Germany, according to an announcement Monday. The Swiss entity, BitGo GmbH, is regulated by the country’s Financial Market Supervisory Authority (FINMA), while the German entity, BitGo Deutschland GmbH, will apply for a license when the application window opens in November 2020, per the announcement.

“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.”

BitGo’s European expansion follows similar moves by rivals Coinbase Custody and Fidelity Digital Assets - the former recently opened an office in Ireland, while the latter launched a new branch in the U.K.

Crypto firms, in general, appear to be focused on serving European clients. Last month, crypto exchange Binance hired former Huobi executive Josh Goodbody for leading growth in Europe as well as Latin America.