BitGo Expands Its Services into Singapore, Targets Growth in Asia's Crypto Market
BitGo launches its services in Singapore after securing a local license, aiming to establish a competitive presence in Asia's growing crypto space.
BitGo Launches Services in Singapore
BitGo, a U.S. digital asset infrastructure provider, has officially announced the launch of its services in Singapore. Previously, while BitGo had a presence in the region since 2015, it was not authorized to provide specific regulated services locally.
In August, the Monetary Authority of Singapore granted BitGo a Major Payment Institution License (MPI), enabling the company to broaden its service offerings tailored for institutional clients.
New Offerings
The expanded services include custody and wallet offerings, regulated cold storage for over 1,100 digital assets, 24/7 electronic and voice trading, real-time automated settlements, and comprehensive token management solutions.
Currently, BitGo supports over 1,500 institutional clients across 50 countries, securing around 20% of all Bitcoin transactions by value. According to CEO Youngro Lee, the company is looking to meet increasing demand from institutional clients in Singapore for regulated services in the crypto space.
Market Expansion
Lee noted that many traditional institutions in Singapore have yet to fully embrace digital assets, but signals from the U.S. elections and a general trend towards crypto adoption are encouraging.
As Singapore emerges as a potential regional crypto hub, BitGo aims to solidify its role within the market, potentially expanding further into the Asia-Pacific region as opportunities arise.
