A digital asset trust company BitGo is expanding its services with two new custodial entities in Switzerland and Germany.
BitGo is expanding! Announcing two new custodial entities in Switzerland and Germany. https://t.co/tCIakB1JmX #institutionalinvestors #custody #security #cryptocurrencies #financialservices #regulatorycompliance pic.twitter.com/E83Vl4QSgp
— BitGo (@BitGo) February 10, 2020
According to an official press release of the company, BitGo’s Swiss entity BitGo GmbH is a member of the Financial Services Standards Association (VQF), supervised by the Swiss Financial Market Supervisory Authority (FINMA).
BitGo’s German custodial entity will reportedly be opened in November 2020.
BitGo CEO Mike Belshe says the custodian provider 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."
"Switzerland and Germany have both become important European centers for digital assets as well as for forward-thinking regulatory frameworks," Belshe added.
Meanwhile, the Swiss regulator is tightening up the cryptocurrency regulation by lowering the threshold value for exchange transactions in cryptocurrencies.
Earlier iHodl reported that a scalable sharded blockchain Polkadot it entered into a partnership with the largest cryptocurrency custodian Coinbase Custody.
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