BitGo Secures Coveted BaFin License in Germany, Solidifying Its European Dominance

Cryptocurrency enthusiasts, hold onto your digital wallets because BitGo is making headlines again! The Palo Alto, California-based crypto custodian, backed by financial giants Goldman Sachs and Galaxy, has achieved a monumental feat by obtaining a prized license from BaFin, the German Federal Financial Supervisory Authority. This development, as reported by Finance Magnates on November 1, has sent ripples through the cryptocurrency ecosystem, reaffirming BitGo's unwavering commitment to safeguarding digital assets and its expansion in the European market.

BitGo's journey towards this significant milestone began in February 2020 when it established two regulated custodial entities in Germany and Switzerland. Their German arm, BitGo Deutschland, quickly commenced offering top-notch custody services within Germany. However, the ultimate goal was always regulatory approval from BaFin, a target set for November 2020. BitGo remained undeterred and persevered, gaining the trust and confidence of investors and clients alike.

What's truly remarkable is that BitGo had been diligently storing assets for its clients since 2019, all under the watchful eye of BaFin during a transitional regime. This commitment to regulatory compliance has paid off, as BitGo's Managing Director for Europe, Dejan Malijevic, proudly stated, "We are fully licensed, no grandfathering." This achievement places BitGo in a league of its own, where every aspect of their operation is backed by regulatory approval.

But the story doesn't end here. In October, BitGo made waves with its announcement of expansion plans into the Middle East, thanks to a $100 million funding round. The influx of funds combined with their newfound BaFin license positions BitGo perfectly to venture into the thriving cryptocurrency landscape of the Middle East, offering their top-tier custodial services to new markets.

BitGo's triumph in obtaining the BaFin license in Germany is a testament to their unwavering dedication to the cryptocurrency industry. Backed by notable financial institutions and driven by their commitment to regulatory compliance, BitGo has solidified its presence in the European market and is now setting its sights on new horizons in the Middle East. As the world of digital assets continues to evolve, BitGo remains at the forefront, ensuring that your cryptocurrencies are not just safe but also backed by the highest standards of regulatory approval.

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