China-based bitcoin mining firm Bitmain has set up shop in Switzerland.
The move by subsidiary which is called Bitmain Switzerland to the cryptocurrency friendly nation was confirmed in a report.
The location is the home of the “Crypto Valley,” a locale where numerous cryptocurrency and blockchain startups have chosen to be their headquarters.
This is primarily because of the country’s permissive regulatory environment.
Bitmain already has subsidiaries in the United States , Singapore and Israel.
“Now is a good time to build a hub in Europe to provide better services,” said a Bitmain spokesman.
The company is not inclined to announce yet what services exactly are to be offered from their Switzerland office.
“Bitmain has several business lines, including hardware and software relevant to blockchain and artificial intelligence,” stated the spokesman.
All these businesses could be offered in Switzerland and in EU countries.
The move – which comes in the middle of reports that the Chinese government wants to gradually but surely dash the country’s mining ecosystem – is said to be a noteworthy one for the firm.
This would be done by curtailing access to empathetic tax policies as well as the land and utilities that is essential to operate such a power-hungry bitcoin mine.
Bitmain is eyeing the Zug office as a means to develop its footprint in Europe and beyond its home base in China.
“Bitmain Switzerland will play a key role in our global expansion,” Bitmain said
The company further said that it plans to expand its presence in Switzerland over the coming months.
They would be hiring new employees and making a concerted effort to work with the government, including the Swiss Financial Market Supervisory Authority (FINMA).
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