Last week, Xapo the high security holder of Bitcoin assets, announced it had moved its’ Corporate Headquarters to Zurich in Switzerland. Xapo, previously located in Palo Alto, California has joined a growing number of Bitcoin Companies that have elected to headquarter in Switzerland.
Xapo cited Switzerland’s regulatory stability, history of neutrality and reputation for finance and privacy as factors that influenced the decision to make the move. The Company also emphasised that this was a natural move for the organisation. “Our primary deep cold storage vault is also located in Switzerland, and at the request of our expanding global customer base, now is the time to bring our centre of operations closer to the heart of our security infrastructure” stated the Company.
Switzerland is starting to make its’ presence felt in the Digital Currency space. Zug has a self-styled “Cryptocurrency Hub” where over 15 start-ups including ATM supplier, Bitcoin Suisse are collaborating with ideas and initiatives. Switzerland is also home to First Global Credit, the Worlds’ first company offering Bitcoin holders the ability to trade stocks using Bitcoin as margin.
First Global Credit CEO Gavin Smith echoed XApo’s comments when he emphasised Switzerland’s commitment to privacy and emphasis on stringent KYC and AML controls. “The Country provides a good balance, encouraging legitimate investment while ensuring a well regulated environment.”
Watch out California, Switzerland may be about to steal your lunch 🙁