Finoa, the Germany-based cryptocurrency custodian, has received three license approvals from BaFin, Germany’s financial regulator. Finoa has been operating under a preliminary crypto custody license since 2020. In addition to the custody approval, Finoa received approval for broker/dealer and prop trading licenses, which allows the firm to trade with its own treasury but not against its customers.
Finoa recently closed a strategic funding 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.