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 <p class="is-style-lead">BitGo head Mike Belshe said the firm is close to receiving approval from the Dubai regulator.</p>
 <p>Cryptocurrency <a rel="noopener noreferrer nofollow" title="custodian" href="https://thebittimes.com/tag/custodian.html">custodian</a> BitGo, backed by Goldman Sachs, is seeking <a rel="noopener noreferrer nofollow" title="expansion" href="https://thebittimes.com/tag/expansion.html">expansion</a> into the Middle East following a recent $100 million funding round, which brought the company’s valuation to $1.75 billion.</p>
 <p>In an interview with Financial News, BitGo chief executive Mike Belshe said that the U.S.-headquartered firm has already applied for a Virtual Assets Regulatory Authority (VASP) <a rel="noopener noreferrer nofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a> to offer its services in Dubai. Belshe added the firm has also started hiring in the region, although he did not provide the timeframe for the launch.</p>
 <blockquote class="wp-block-quote">
  <p>“We are very close to receiving approval from [the] Dubai regulator.”</p> <cite>BitGo CEO Mike Belshe</cite>
 </blockquote>
 <p>The BitGo CEO also said the firm plans to relocate “a few staff members” from Europe to Dubai as the firm anticipates demand for its services to ramp up.</p>
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 <p>In addition to Dubai, BitGo is also seeking <a rel="noopener noreferrer nofollow" title="expansion" href="https://thebittimes.com/tag/expansion.html">expansion</a> across other regions in Asia, such as India, Singapore, and South Korea, Belshe added.</p>
 <p>The move comes shortly after the Palo Alto-based <a rel="noopener noreferrer nofollow" title="custodian" href="https://thebittimes.com/tag/custodian.html">custodian</a> firm secured a $100 million Series C funding round.</p>
 <p>Founded in 2013, BitGo witnessed its clients rise by 60% in 2023 while its assets under custody (AUC) grew by 20%, surpassing the $60 billion&nbsp;mark. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group and others.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Are crypto firms moving to Asia?
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-custodian-bitgo-eyes-dubai-expansion-applies-for-license-tbt67447.html">https://thebittimes.com/crypto-custodian-bitgo-eyes-dubai-expansion-applies-for-license-tbt67447.html</a></p>

Crypto custodian BitGo eyes Dubai expansion, applies for license

TheBitTimes

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