United

Galaxy

<ul> 
 <li>The announcement follows BitGo’s Series C fundraising round in August 2023.</li> 
 <li>The business received $100 million at an estimated valuation of $1.75 billion.</li> 
</ul> 
The German Federal Financial Supervisory Authority (<a href="https://thenewscrypto.com/binance-news-binance-reportedly-denied-crypto-custody-license-by-germanys-bafin/" target="_blank" rel="noreferrer noopener">BaFin</a>) has issued a cryptocurrency custody license to BitGo, a company based in the United States. 
Headquartered in Palo Alto, California, BitGo initially established two regulated custodial organizations in Germany and Switzerland in February 2020. Also, BitGo Deutschland, a German affiliate, began offering custody services in Germany immediately and was expected to file for regulatory authorization in November 2020. 
According to a news release, <a href="https://thenewscrypto.com/hana-bank-bitgo-partner-to-offer-crypto-custody-in-south-korea/" target="_blank" rel="noreferrer noopener">BitGo</a>, which was granted a New York trust charter by the New York Department of Financial Services (NYDFS) in 2021, has been keeping cryptocurrency assets for its clients since 2019 as part of a transitional program, also overseen by BaFin. 
<h3 class="wp-block-heading" id="trendsetters-in-crypto-regulation">Trendsetters in Crypto Regulation</h3> 
Moreover, Germany has passed legislation that encourages banks and custody experts to manage digital assets and provide associated services, making it one of the top nations in Europe in this space. 
<a href="https://de.linkedin.com/in/dejan-maljevic-4b2857b3" target="_blank" rel="noreferrer noopener nofollow">Dejan Maljevic</a>, the managing director of BitGo Europe stated: 
“BaFin is recognized as one of the world’s key trendsetters in crypto regulation. It enables the progress that digital currencies entail while creating a secure regulatory framework. We have worked hard to obtain this license. Now we are pleased to have reached this milestone.” 
The announcement follows BitGo’s Series C fundraising round in August 2023, in which the business received $100 million at an estimated valuation of $1.75 billion. With the backing of large investment companies like <a href="https://www.goldmansachs.com/" target="_blank" rel="noreferrer noopener nofollow">Goldman Sachs</a> and Galaxy and the latest funding, BitGo has apparently begun negotiations for at least two potential deals. 
Highlighted Crypto News Today: 
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BitGo Receives Crypto Custody License from BaFin in Germany

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