30s Summary

BitGo, a US-based digital asset infrastructure provider, has expanded its services in Singapore after being granted a license by the Monetary Authority of Singapore. The expansion offers institutions comprehensive services including regulated cold storage for over 1,100 digital assets and full-service token management solutions. Already serving over 1,500 global institutions, BitGo aims to target clients in Singapore interested in regulated infrastructure services. The firm has hinted at further expansion in the Asia-Pacific region, contingent on relations with local regulators.

Full Article

BitGo, a US-based digital asset infrastructure provider, has recently expanded its services in Singapore. Although BitGo has had a presence in the city for some time, they have now launched a broader selection of services for various institutions. This expansion comes after the Monetary Authority of Singapore granted BitGo a license in August.

Before receiving this license, BitGo had been operating in the Asia-Pacific region since 2015, but its services in Singapore were somewhat limited. Nowadays, it provides a more comprehensive suite of products. This includes regulated cold storage for over 1,100 digital assets, real-time automated settlements, and full-service token management solutions, amongst other offerings.

BitGo already has an international client base of over 1,500 institutions across 50 countries, securing approximately 20% of all Bitcoin transactions by value. CEO of BitGo Singapore, Youngro Lee, hopes to reach out to institutional clients in Singapore who are interested in regulated infrastructure services. Lee also expresses that Singapore is gradually becoming a hotspot for cryptocurrency, as more traditional investors and institutions are showing interest in digital assets.

Singapore has become an attractive location for crypto businesses, as it introduced a regulatory framework for cryptocurrency service providers in 2019. BitGo is one of only 29 companies that hold a Major Payment Institution License for digital payment token services granted by Singapore’s Monetary Authority. This achievement is shared with other well-known crypto businesses like Coinbase, Circle, and Ripple.

Regarding future plans, BitGo has hinted at further expansion in the Asia-Pacific region. Lee says their decision depends on the efficiency of their relationship with local regulators. He added that their positive experience with the Monetary Authority of Singapore was a decisive factor for BitGo’s expansion in Singapore.