Business 3 January 2019Erik Gibbs
Oldest crypto ATM company moves HQ to Switzerland
Lamassu has always been a pioneer in the cryptocurrency industry. It was the first to offer a Bitcoin ATM, introducing the machines in 2013. After a considerable amount of searching for a new place to call home, it has finally found the perfect place. In a blog post that it published on Medium, Lamassu has announced that it will relocate its headquarters to Lucerne, Switzerland.
According to the company, “Crypto Valley is alive and kicking and we’re excited to be in an area so rich in crypto development and blockchain events. Although hype often exceeds reality in cryptoland, exciting stuff is happening in Switzerland at every level. Open source Bitcoin and Lightning Network nodes are being hacked together, hardware wallets are being designed and manufactured, the world’s leading cryptocurrency regulations are being carefully guided, world-class meetups and events are happening, and lots of Bitcoin ATMs are being deployed.”
Lamassu operates 433 crypto ATMs across the globe, seven of which are in Switzerland. The company opted to relocate to the mid-European country as part of its overall plan to introduce more product capabilities, as well as Switzerland’s “well-defined” rules of the crypto space.
Switzerland was once considered to be the focal point of crypto operations in the face of growing scrutiny of the industry. However, after UBS bank decided to break ties with crypto companies, many banks in the country followed the lead and many entities were left without a financial institution. This led to them seeking alternative locations such as Malta and Germany and, in an effort to stem the outgoing tide, Switzerland began to reform its policies in order to provide better guidance.
The Swiss Banking Association introduced a framework for banks that would allow them to accept crypto companies as clients, and the move paid off. Switzerland was able to keep a number of entities from leaving and the country once again began to see large crypto participation.
Lamassu adds in its blog post, “We’d like extend our thanks to the great fellows at the Bitcoin Association Switzerland, specifically Lucas Betschart, Roger Darin and Isabella Brom. They have been generous with their time and very supportive of our effort to move Lamassu here. I would also like to thank Rouven Willimann of Business Development Lucerne, who was instrumental in getting us here as well.”
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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