Cryptocurrency custodian Finoa has received three license approvals from Germany's financial regulator BaFin, going against the grain of regulatory clampdowns and uncertainly happening elsewhere in the crypto space.

Finoa, which has been operating under a preliminary crypto custody license since January 2020, also closed a strategic venture round led by new investor Middlegame Ventures and including existing investors Balderton Capital, Coparion, Venture Stars, and Signature Ventures. The size of the investment was not disclosed.

Given the general state of regulatory uncertainty across crypto markets, including the U.S. Securities and Exchange Commission (SEC) recently announcing plans to focus specifically on crypto custodians, the seal of approval from BaFin couldn’t come at a better time, said Finoa co-founder Chris May.

In addition to the custody approval, Finoa received the go-ahead for broker dealer and prop trading licenses, which allows the firm to trade with its own treasury but not against its customers, May pointed out.

(By Ian Allison)

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