Just after BitGo expanded its global audience with new custodian companies in Germany, and Switzerland, the digital asset financial services provider is looking to expand its digital assets solution via a new acquisition.
According to a recent blog post, BitGo has acquired Harbor, a leading digital securities platform, including its transfer agent and broker-dealer subsidiaries; a move BitGo said will further its vision of establishing new digital infrastructure for financial services.
Moreover, the digital asset services provider, noted that the development is purported to extend its ability to address a larger class of digital assets for institutional investors, while also providing a foundation for an advanced digital assets solution.
Mike Belshe, the CEO of BitGo said their vision is much bigger than digital assets custody and wallets.
“We believe participants will ultimately need to be trusted, full-stack solutions for digital currencies, and now BitGo is well-positioned to address institutional requirements as the market develops.”
It’s worth noting that both entities had a long-existing relationship. They’ve worked in partnership to Integrate BitGo Custody and BitGo Business Wallets into Harbor’s services.
BitGo Wakes to Extensive Digital Asset Service
BitGo is mainly known for providing institutional clients with custody, security, and liquidity solutions for their digital assets, which includes cryptocurrency. Its first regulated custodian for digital assets was launched in 2018 in the United States.
Cryptoknowmics recently reported that the digital asset financial services provider had expanded its global presence via new custody companies in two countries in Europe; Germany and Switzerland.
Already, BitGo’s entity in Switzerland, dubbed BitGo GmbH, is a member of a FINMA-supervised organization in the country known as the Financial Services Standards Association (VQF).
The other entity in Germany, called BitGo Deutschland GmbH, is offering custody services in the country at the moment. It will apply for regulatory application once the application window starts later in November this year.
Last year, Crypto Exchange, Bitstamp, tapped BitGo’s custody service to secure their digital assets.