BitGo has widened its footprint in Europe by launching its Crypto-as-a-Service offering throughout the European Economic Area.
The move follows a March 3 announcement confirming that the service will now operate under the Markets in Crypto-Assets Regulation framework, commonly known as MiCAR.
The launch enables fintech companies and banks in all 30 EEA member states to provide crypto trading and custody services without having to obtain licenses in each of the member states.
They can instead rely on the MiCAR license of BitGo Europe GmbH to offer regulated services in the region.
The company is already providing similar services in the United States under the name BitGo Bank & Trust. The company now hopes to act as a bridge between traditional finance and crypto between the Atlantic Ocean and Europe.
Read More: BitGo Prices IPO at $18 as Company Prepares for NYSE Debut
BitGo’s Crypto-as-a-Service Enables Platform Integration
Mike Belshe, the CEO and co-founder of BitGo, said that European institutions are looking for clear guidelines as regulations around crypto become tougher.
He said that companies want a clear way to do business while remaining compliant and maintaining good operational controls.
The company provides a Crypto-as-a-Service solution that allows businesses to integrate crypto functionality into their own platforms.
Businesses can buy, sell, and store bitcoin and other supported digital assets within their own apps. The solution utilizes modular APIs and webhooks, providing businesses with the ability to scale services as needed.
According to Brett Reeves, the Head of EMEA at BitGo, trust has now become an important element in the regulated crypto market in Europe.
He said that for institutions that deal with customer assets, there is a need for qualified custody, policy controls, and high-level operational oversight.
Custody, Insurance, and Full Infrastructure
The service utilizes multi-asset wallets that are held in qualified custody. According to BitGo, the custody wallets are insured up to $250 million, with terms and conditions. This additional layer of security is intended to alleviate concerns regarding the safety of assets.
The system extends beyond custody. It provides a Know Your Customer API-based onboarding so that businesses can digitally verify their users.
Businesses can connect fiat and cryptocurrency transactions using SEPA within the European Union. The system provides trading and settlement functionality so that cryptocurrency pairs can be executed quickly within a partner’s platform.
There are customizable permissions, spending limits, and safety features via a flexible policy engine. Account management and technical support are provided 24/7.
Read More: YZi Labs Supports BitGo IPO as Crypto Custodian Begins Trading on NYSE
