Crypto custodian BitGo eyes Dubai expansion, applies for license

BitGo head Mike Belshe said the firm is close to receiving approval from the Dubai regulator.

Cryptocurrency custodian BitGo, backed by Goldman Sachs, is seeking expansion into the Middle East following a recent $100 million funding round, which brought the company’s valuation to $1.75 billion.

In an interview with Financial News, BitGo chief executive Mike Belshe said that the U.S.-headquartered firm has already applied for a Virtual Assets Regulatory Authority (VASP) license to offer its services in Dubai. Belshe added the firm has also started hiring in the region, although he did not provide the timeframe for the launch.

“We are very close to receiving approval from [the] Dubai regulator.”

BitGo CEO Mike Belshe

The BitGo CEO also said the firm plans to relocate “a few staff members” from Europe to Dubai as the firm anticipates demand for its services to ramp up.

In addition to Dubai, BitGo is also seeking expansion across other regions in Asia, such as India, Singapore, and South Korea, Belshe added.

The move comes shortly after the Palo Alto-based custodian firm secured a $100 million Series C funding round.

Founded in 2013, BitGo witnessed its clients rise by 60% in 2023 while its assets under custody (AUC) grew by 20%, surpassing the $60 billion mark. BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group and others.