The Chinese company specialised in manufacturing mining equipment has recently announced that it will install a new subsidiary in Switzerland. Currently, Bitmain has offices in Beijing, the United States, Singapore and Israel.
The new facilities in Switzerland are under construction in Zug, a city located south of Zürich. With them, according to a local media, Bitmain seeks to expand its horizons to the European continent and provide a better service to users in the region who use their products.
Bitmain Switzerland, as it will be called the new subsidiary of this company, will be installed in the well-known “Crypto Valley” of Zug, where multiple financial technology companies, some of them related to the blockchain world (such as Xapo, Ethereum and ShapeShift), have installed its main headquarters. In addition to the high level of quality of life and the stable economy offered by Switzerland, the regulations in place do not condemn the Fintech initiatives and represent a kind of tax haven, since it offers low tax rates for companies.
In the coming months, the team will be responsible for recruiting the necessary personnel to carry out operations in the country, since it considers that it can find skilled labor among its inhabitants. Likewise, the sources indicate that Bitmain will be given the task of maintaining active communication with the relevant regulatory bodies, such as FINMA.
This announcement comes after the company has recovered from one of the biggest hacks in its history, which occurred in the month of October 2017. This event exposed personal information of customers and suppliers from around the world, which was offered in private forums to the highest bidder.
A news portal has indicated that this measure could help the company to outwit the Chinese government in its attempts to gradually eliminate the country’s cryptocurrency mining. However, in early January the People’s Bank of China has denied rumors that the government had held multiple private meetings to ban mining operations in the country.
Faced with a global panorama that mostly views with distrust the heyday of cryptocurrencies, Switzerland is a country that has successfully welcomed blockchain technology. For example, in the month of October last year, Moving Media GmbH became the first company with official license to trade with cryptocurrencies in the country, obtaining the permission of the Financial Market Supervisory Authority.