Xapo has officially relocated its corporate headquarters to Zurich, Switzerland, citing the country’s long history of neutrality and stability.
The bitcoin services and security firm said the transition was put in motion three months ago at the request of customers, and that now, Xapo’s operations in Palo Alto are in the process of being reduced. As part of the transition, Xapo will hire new finance and legal staff in the central European nation while still keeping a small US presence.
In interview, Xapo CEO Wences Casares sought to position the move as one that would appeal to customers who remain worried about oversight of their bitcoin holdings and transactions.
Xapo indicated that its company representatives would now face potential fines and prison time for revealing customer information without consent in all but select circumstances.
Casares told CoinDesk:
“This is not to facilitate crime, this is to protect privacy. There are some customers that will bring more balances if we do this and there are some customers who have said we will work with you if you do this.”
Casares said that previous attempts by the company to associate with Switzerland were perhaps not enough to encourage these