Finoa, a company that provides custodial services for cryptocurrency, has received approval for licenses from the German financial regulator BaFin

Germany's financial regulator BaFin has granted cryptocurrency custodian Finoa three license approvals, which is a positive development in the current climate of regulatory uncertainty in the crypto industry. Finoa, which already had a preliminary crypto custody license, has also completed a strategic venture round led by Middlegame Ventures and featuring existing investors Balderton Capital, Coparion, Venture Stars, and Signature Ventures. The amount of investment has not been disclosed. The new licenses include custody, broker dealer, and prop trading, which allows Finoa to trade with its own treasury but not against customers. Finoa co-founder Chris May said that the custody license, in particular, differentiates the company from many others in the market and provides reassurance to customers. The new funding will strengthen Finoa's statutory and regulatory capital, allowing the firm to leverage the licenses to the fullest.