Customers can now transact using Bitcoin’s Lightning Network thanks to a partnership between BitGo and NeutronPay.
On Thursday, BitGo, a US cryptocurrency custodian, announced the opening of its Singapore subsidiary, providing regulated token management services to the Asia Pacific region.
The launch follows BitGo’s August 2024 acquisition of the Monetary Authority of Singapore’s Major Payment Institution License.
According to the platform, more than 1,100 digital assets are currently supported by its custody service.
Institutional Clients Gain Secure Digital Asset Trading With BitGo Singapore
Clients of BitGo Singapore can obtain deep liquidity straight from cold storage. Its trading platform can be accessed through voice trading, the user interface, or API. To guarantee competitive pricing, the platform establishes connections with leading liquidity providers.
Institutional clients can trade and settle digital assets safely and effectively thanks to the platform’s automated settlement capabilities.
“We are thrilled to launch BitGo Singapore and offer the APAC region a best-in-class suite of digital assets solutions and regulated infrastructure services,” said BitGo Singapore CEO Youngro Lee.
The partnership between BitGo and Neutronpay was also disclosed in the announcement. Customers can use Bitcoin’s Lightning Network to send and receive payments thanks to this partnership.
Singapore Strengthens Its Position as a Crypto Hub With Strategic Connectivity
The MAS, the country’s financial regulator, has taken a proactive yet cautious approach to cryptocurrencies. In 2020, it introduced the Payment Services Act (PSA). This act created a clear regulatory framework for digital payment token (DPT) services, including cryptocurrencies.
The act gives crypto companies a legitimate way to get licenses while concentrating on counter-terrorism financing (CTF) and anti-money laundering (AML). Many cryptocurrency exchanges and fintech startups seeking a stable environment to expand have been drawn to this regulatory clarity.
Strategic connectivity to major Asian markets, such as China, where stringent regulations on cryptocurrency trading have forced businesses to look for alternative hubs, is made possible by Singapore’s prime location in Southeast Asia.
To date, 29 crypto companies, including Blockchain.com, Circle, and Coinbase, have secured full licenses to operate in Singapore.