Bitmain Establishes Branch In Zug, Switzerland
Bitmain Technologies, Beijing-headquartered bitcoin mining machines (ASIC chips) producer, has established a new branch in Zug, Switzerland.
The Chinese company explained it chose the Zug location because Switzerland was "one of the most progressive countries", "with good legal stability" and a skilled workforce. Bitmain says it will employ more employees in Zug in the future and will "actively communicate with self-regulatory organizations (SROs) and the Financial Market Authority (Finma)."
"Bitmain Switzerland will play a key role in our global expansion," the company's spokesperson told the German-language Swiss newspaper Handelszeitung. This is the first foothold in Europe for Bitmain which already has branches in the US, Singapore and Israel. "Now is a good time to build a hub in Europe to provide better services," he proclaimed.
The Chinese bitcoin mining industry might also be motivated to grow beyond their homeland by fear of a possible clampdown.
There are conflicting reports about the position of the Chinese government about such a move against bitcoin mining.