VILNIUS, Nov. 12 (Xinhua) -- Germany's cryptocurrency custody and staking services provider Finoa is setting up an operations hub in Vilnius, Lithuania, the country's investment promotion agency Invest Lithuania said on Wednesday.
"The Lithuanian office will prospectively serve as a strategic hub for multiple entities across the Finoa Group," Invest Lithuania said in a statement quoted by the Baltic News Service (BNS). "The company intends to use this hub to build expertise in operational, compliance, anti-money laundering (AML), and technological fields over time, with plans to expand these functions in the mid to long term," it added.
Finoa Co-Founder and CEO Christopher May said Lithuania has become one of Europe's leading fintech and crypto centers, combining strong talent with a dynamic and well-regulated innovation ecosystem. "With the ecosystem already present in Lithuania, we are confident we have made the right choice for our expansion," May said.
Invest Lithuania General Manager Elijus Civilis said the availability of skilled professionals was the key factor behind Finoa's decision to invest in the country.
Founded in Berlin in 2019, Finoa is one of the world's leading providers of crypto infrastructure services.
