BitGo Receives Preliminary Approval in Singapore
Date: 2024-01-10 Author: Dima Zakharov Categories: BUSINESS
BitGo, a well-established player in the cryptocurrency storage industry, has achieved a significant milestone in its expansion plans. The company recently announced that its Singapore subsidiary, BitGo Singapore Pte. Ltd., has received preliminary approval from Singapore's financial regulatory authority for a full-scale license as a major payment institution. This approval paves the way for BitGo to offer regulated services for digital payment tokens within the city-state.
In a statement, BitGo highlighted Singapore as a crucial hub for cryptocurrency innovation and positioned itself as a leading provider of digital asset services for institutional finance across the Asia-Pacific region. Currently, BitGo offers wallet and digital asset storage solutions in Singapore. With the forthcoming full license, the company plans to expand its offerings, allowing customers to buy and sell cryptocurrencies from their third-party cold storage solution, designed as a Class III vault.
Hobeng Lim, Managing Director of BitGo in the Asia-Pacific region, emphasized the forward-looking and risk-proportional regulatory framework for digital assets set by the Monetary Authority of Singapore. He also highlighted Singapore's leading role as a financial center, an innovation hub, and a gateway to the Asia-Pacific region, all of which make it an ideal choice for BitGo's regional headquarters.
In August 2023, BitGo, headquartered in Palo Alto, California, secured a remarkable $100 million in Series C financing, valuing the company at $1.75 billion. This recent approval in Singapore further solidifies BitGo's position as a major player in the global cryptocurrency industry.
