Bitcoin automated-teller machine (ATM) producer, Lamassu has now moved to Switzerland, citing “regulatory issues” in other countries, according to a post published by co-founder Zach Harvey on Jan.1.
The company will now be officially called Lamassu Industries AG. The reason for moving to the Swiss Canton of Lucerne was “to be in a place where rules are well defined, and regulators are pro-innovation.”
Zach also revealed that the company remained bankless last year, and was struggling to maintain a bank account. Also adding – “We must have been rejected by fifteen banks just because we manufacture terminals for Bitcoin.”
Out of the 433 Bitcoin ATMs Lamassu has across the world, seven of these machines are installed in Switzerland. Zach cited the reasons for choosing the country was that it allows Bitcoin fans to buy bitcoins with train tickets at more than 1000 machines set up in the country.
Switzerland is highly-recognized for its crypto-friendly approach and also has its own blockchain-based Silicon Valley in the city of Zug. Last year, in December, Zug was ranked the fastest growing tech community in Europe.
According to a report published by CV Venture Capital in October 2018, the top 50 blockchain and cryptocurrency companies in Zug, accounted for a market capitalization of over $44 billion.
Zach was excited about starting the project in the country, and with the same excitement, he said –
“Just as we arrived in Switzerland we had a nice chat with a small bank in Canton Aargau and now we have a full account at a bank that is completely aware of our business model and happy to have us on board.”
He also announced that there will be a cryptomat (Bitcoin ATM) installed within the company’s headquarters at the start of this year.
In the past, major cryptocurrency related companies have moved to more friendly locations. In May 2018, BitBay, formerly known as the “largest crypto exchange”, had to suspend its activities in Poland, as banks refused to offer services to the exchange firm.
Zach called this as the company’s first community project; with the Lamassu team soon starting a monthly meetup dedicated only to the ideas of privacy, free speech, free markets, decentralization, and cryptoanarchy.
With Switzerland encouraging banks to work with crypto-related companies, for now, we can only think of it as something great to come. And this being said, a question arises, how long can the country serve as an excellent location for businesses like Lamassu to operate in?