Lamassu Bitcoin ATM Provider To Move To Switzerland’s ‘Crypto Valley’ Citing Banking Problems
Moving To Greener Pastures – Lamassu Moving To Switzerland
Many governments around the world, led by the U.S.A., are moving to regulate the cryptocurrency industry. Switzerland, however, is welcoming innovation in this space through friendly policies and regulations. Several cryptocurrency companies have already moved to Switzerland and Bitcoin ATM manufacturer Lamassu is planning to do the same very soon.
A Friendly Working Environment
Switzerland has emerged as one of the few countries embracing cryptocurrency, rather than shunning it. It has its very own Crypto Valley, which is basically a small region dedicated to cryptocurrency companies and professionals. The lifestyle in the Crypto Valley, as well as the friendly regulations that Switzerland has become popular for, have made it ideal for cryptocurrency companies such as Lamassu.
Lamassu, which will soon go by the name Lamassu Industries, is already reaping from its move to Switzerland. The company’s CEO, Zach Harvey, explained that
“Lamassu had a difficult time finding a bank willing to accommodate it throughout 2018 owing to its supposed association with Bitcoin. The company now has a full bank account with better incentives than it would have hoped for in Portugal. The company is also taking comfort in the Swiss government’s optimism in cryptocurrency while previously it was unsure of what new regulations would roll out in the future.”
It is important to note that while Lamassu will be moving its headquarters to Switzerland it will be continuing its ATM production activities in Portugal.
Good Performance Against The Odds
The odds have been against most companies in the cryptocurrency space over the past year. For starters, the bear market has caused a slump in revenues and forced several companies and many cryptocurrencies out of the market. Secondly, the SEC has been making bold moves, both nationally and internationally, to regulate crypto companies. This has further constrained the expansion and performance of cryptocurrency companies. Several Bitcoin ATM manufacturers have already gone out of business owing to these constraints. Robocoin, one of the early pioneers in this industry, shut down in 2016.
Lamassu is one of the few Bitcoin manufacturers that have survived the onslaught against cryptocurrency. It is the third-largest producer of Bitcoin ATMs after General Bytes and Genesis Coin. The company controls about 10% of the industry according to research firm DCResearch.
The industry has also been overall resilient considering the strides made. Research firm DCResearch reports that the number of cryptocurrency ATMs distributed all over the world have more than doubled over the past two years from about 1,500 dispensers in 2016 to over 4,000 dispensers today.
Changing With The Times
Lamassu Industries is doing more than just migrate in a bid to stay in business. As mentioned earlier, several bankers turned the company down for its association with the words Bitcoin ATM, which seems competitive to traditional banks. It is now replacing this phrase with a new term: cryptomart. The new ATMs (cryptomarts) will also have a totally different look from standard ATM machines.
Lamassu, soon going by the name Lamassu Industries, is finalizing plans to move its HQs from Portugal to Switzerland in a bid to escape the growing stringent regulations. This has been seen as a smart move necessary for the company’s survival – and many other companies in the cryptocurrency space are following suit.