Lamassu, The Oldest Bitcoin ATM Company, Moves to ‘Crypto Valley’ Switzerland

There have been rising doubts final yr about Switzerland’s rightful place as a frontrunner within the crypto house. The tiny alpine nation well-known for its costly watches welcomed blockchain corporations at first. Then Swiss banks started to cease working with them one after the other, and Switzerland seemed to be the land of promise not. It’s fascinating then, that Lamassu has given crypto right here a much-needed vote of confidence by calling Switzerland its new house.

Lamassu Picks Switzerland for Its Properly-Outlined Guidelines

In a weblog put up revealed on Medium, the oldest Bitcoin ATM producer established in 2013 explains that “after years” of looking for one of the best place for his or her headquarters, they lastly discovered it within the canton of Lucerne, including that:

Crypto Valley is alive and kicking and we’re excited to be in an space so wealthy in crypto growth and blockchain occasions.

Lamassu is among the hottest Bitcoin machines right this moment, with 433 Bitcoin ATMs worldwide, seven to this point in Switzerland. Nonetheless, with Bitcoin followers now in a position to purchase bitcoins with their practice tickets at over 1,000 machines within the nation, the corporate selected Switzerland not solely to roll out extra product but additionally for its “well-defined” guidelines.

Nonetheless, not all is because it appears in Switzerland, as soon as house to the biggest variety of ICOs. When banking large UBS closed accounts for crypto corporations, all main Swiss banks adopted swimsuit.

However with crypto-friendly nations reminiscent of Malta, Lichtenstein, and even Germany shut to house, Swiss authorities started to halt the exodus of blockchain corporations from its pastures.

The Swiss Banking Affiliation (SBA) laid out clearer pointers for banks on how to work with crypto corporations in an try to retain its crypto-friendly title.

It must be famous that having a checking account as a crypto firm nonetheless poses a number of dangers. Corporations may be topic to routine account freezes and even requested to transfer their funds to one other establishment with little discover.

But Lamassu appears undeterred:

Thrilling stuff is occurring in Switzerland at each degree. Open supply Bitcoin and Lightning Community nodes are being hacked collectively, wallets are being designed and manufactured, the world’s main cryptocurrency rules are being fastidiously guided, world-class meetups and occasions are taking place, and many Bitcoin ATMs are being deployed.

The variety of Bitcoin ATMs world wide doubled in 2018 and now stands at simply over four,000. That is what Lamassu calls “booming.” The firm says that it desires its house to be a spot the place guidelines are properly outlined and regulators are open to innovation.

Banking the Unbankable

Regardless of Switzerland’s scuffle between the banks and crypto, Lamassu has had it far worse up to now. The Bitcoin ATM maker explains that in its native Portugal, the corporate was unable to discover a financial institution to work with them.

We’ve been bankless for the previous yr. We will need to have been rejected by fifteen banks simply because we manufacture terminals for Bitcoin.

Why don’t banks need to work with crypto corporations? It (primarily) boils down to lax AML practices and the truth that crypto’s KYC insurance policies aren’t up to the requirements of banks. Considerably ironic when you think about the case after case of enormous identify banks embroiled in corruption and cash laundering expenses.

Lamassu cryptomat bitcoin atm

Furthermore, Lamassu doesn’t commerce in cryptocurrency nor retailer cryptocurrency, it’s merely a marker of . However one of many firm’s first issues about selecting a brand new jurisdiction was that they might find a way to open a checking account.

In accordance to the weblog put up, they’d a “good chat” with a small financial institution in a Swiss canton known as Aargau and have lastly been allowed to open a checking account. They even enthuse:

In actual fact, it’s best to anticipate to see one in every of our cryptomats [Bitcoin ATMs] of their headquarters early this yr.

Banking for Bitcoin Corporations Is Nonetheless a Battle

Whereas the Bitcoin ATM producer might have lucked out with a little-known financial institution on this fiscally lenient a part of the world, the battle remains to be very actual for many crypto corporations.

Lamassu, in reality, was denied by worldwide fee processor Stripe just because the phrase Bitcoin seems on their web site. They state that if Stripe had been a Swiss firm, this in all probability wouldn’t have been the case. Maybe. But it surely’s actually not a assure.

Nonetheless, the corporate is wanting to begin 2019 in a optimistic method and is “psyched” to be a part of an modern and crypto-friendly ecosystem in Lucerne. They’ll even be contributing to it by holding a month-to-month meetup devoted to free speech, free markets, and decentralization.

Whereas Switzerland is encouraging extra banks to work with crypto corporations, it’s not all inexperienced lights simply but. One has to marvel how lengthy the honeymoon interval for Lamassu will proceed.

Will Switzerland be a very good house for Bitcoin ATM producer Lamassu? 

Photos courtesy of Shutterstock

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