Chinese Bitcoin Mining Colossus Bitmain Establishes Branch in Switzerland
Their aim is to provide better services in Europe.
Switzerland is known worldwide for its banking secrecy tradition. Currently, a new financial industry is establishing in the country. Some local leaders wanted to establish a cryptocurrency hub, and their choice was the Chinese Bitcoin mining colossus Bitmain. It expanded to a new location in Zug of Switzerland.
Bitmain Technologies Ltd., the Bitcoin mining machines and ASIC chips producer that is headquartered in Beijing, has established a new branch in Switzerland. The Chinese company revealed it chose the Zug location because Switzerland is currently one of the most progressive countries with a skilled workforce and a good legal stability. In addition, Bitmain claimed it is going to employ more employees in Zug in the future. Also, it will actively communicate with Financial Market Authority (Finma) and SROs (self-regulatory organizations).
The spokesperson of the company told the Swiss newspaper Handelszeitung that Bitmain Switzerland is going to play a key role in their global expansion. This is the first Bitmain’s foothold in Europe. It has already branches in the US, Israel, and Singapore. According to him, now it’s about time to build a hun in Europe in order to provide better services.
China is not positive towards Bitcoin mining industry
The Chinese government is encouraging the country’s corporations to expand globally. Thus, many Chinese companies have established new businesses in markets worldwide in recent years. However, the Chinese Bitcoin mining industry may be also motivated to expand beyond their homeland by the fear of a possible clampdown.
There are conflicting reports about the Chinese government’s stance against Bitcoin mining. So, it’s always wise not to keep all your eggs in the same basket. On the other hand, Switzerland aims to benefit from offering a friendly environment for corporations looking to grow to a more secure location.