BitGo Receives Crypto License from German Regulator BaFin

BitGo, a major cryptocurrency custody firm, has reportedly obtained a cryptocurrency license from the German Federal Financial Supervisory Authority (BaFin), marking a significant milestone for the company in the European market. BitGo has been providing custody services for digital assets since 2019 under BaFin’s transitional regime. BaFin is known for its role in shaping global cryptocurrency regulation, and the license enables BitGo to continue progressing in the digital currency space while operating within a secure regulatory framework.

BitGo initially established two regulated custodial entities in Germany and Switzerland in February 2020. BitGo’s German subsidiary, BitGo Deutschland, has been offering custody services in Germany since its inception and has been working towards obtaining regulatory approval. The company’s expansion and regulatory compliance in Germany come after it raised $100 million in a Series C financing round in August 2023, bringing its valuation to $1.75 billion. BitGo is backed by prominent investment firms, including Goldman Sachs and Galaxy.

This regulatory development reflects the growing adoption of cryptocurrencies in Germany, as it continues to solidify its position as a prominent player in the cryptocurrency economy in the Central, Northern, and Western Europe region, second only to the United Kingdom.

By Urik

My professional background is in public relations and I am the founder of Cryptochating. My journey into blockchain technology started four years ago, and I haven't looked back since then. The future of decentralized technology is incredibly fascinating to me, and I am passionate about communicating how it will change the world.

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