The world’s largest manufacturer of Bitcoin computers opens a branch in Zug. For the Chinese company, the step into Switzerland is important.
The Crypto Valley receives prominent influx from the Far East. The Chinese company Bitmain Technologies has established a branch in Zug under the name Bitmain Switzerland. This brings one of the very big players from the Bitcoin world to Switzerland.
“Bitmain Switzerland will play a key role in our global expansion,” confirms the company headquarters in Beijing. Bitmain is best known as the main producer of special purpose computers protecting the digital currency network. The company is said to have made a profit of hundreds of millions of dollars last year, according to estimates.
Bitmain in Switzerland under construction
The company in Switzerland is currently under construction. The company’s authorized signatories include Jihan Wu, co-founder and chief of Bitmain. This is clear from data of the commercial register office Zug. Bitmain already has offices in the US, Singapore and Israel. “Now is a good time to build a hub in Europe to provide better services,” says a Bitmain spokesman.
Bitmain chose the Zug location because Switzerland was “one of the most advanced countries”, “with good legal stability and a friendly regulatory policy” and a skilled workforce. Bitmain will employ more employees in Zug in the future and will “actively communicate with self-regulatory organizations (SROs) and the Financial Market Authority Finma,” as Bitmain announces. The company does not yet want to announce which services are to be offered from Switzerland. “Bitmain has several business lines, including hardware and software relevant to blockchain and artificial intelligence,” says the spokesman. All these businesses could be offered in Switzerland and in EU countries.
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