BitGo Singapore, a subsidiary of BitGo, Inc., has officially launched its operations in the APAC region after securing a license from the Monetary Authority of Singapore in August 2024.
BitGo Singapore Operations Launch
Youngro Lee, CEO of BitGo Singapore, expressed excitement about the launch, stating, 'We are thrilled to launch BitGo Singapore and offer the APAC region a best-in-class suite of digital asset solutions and regulated infrastructure services.' He highlighted the company’s commitment to delivering high-quality products while adhering to strict regulatory standards.
Partnerships and Support
Albert Buu, CEO of Neutron Pay Inc., welcomed a partnership with BitGo Singapore to enhance digital asset custody for Southeast Asian businesses. He emphasized that this collaboration will improve access to secure Bitcoin and Lightning Network services, empowering regional companies to leverage Bitcoin solutions effectively. Yoann Turpin, co-founder of Wintermute, also praised the collaboration, noting that it aligns with their shared vision for regional growth and developing a more robust digital asset ecosystem.
Platform Services and Advantages
The platform provides regulated digital asset custody, trading, settlement, and token management services, supporting over 1,100 assets and offering up to $250 million in insurance for enhanced security. Key features include secure cold storage, 24/7 trading access via API, UI, or voice, and automated settlement through BitGo’s Go Network for instant fiat and crypto transfers. Additionally, it offers a comprehensive token management solution for compliant vesting and on-chain activities. This launch reinforces Singapore’s digital asset hub role, meeting the region’s increasing institutional demand.
This development comes after BitGo secured a Major Payment Institution License from Singapore’s Monetary Authority in August, enabling it to operate as a regulated crypto services provider in the region. The subsidiary is the first full-service token management solution tailored for the APAC market. Additionally, they recently announced their intention to challenge the stablecoin dominance of Tether’s USDT and Circle’s USDC by launching a new product in January 2025.
