Another foreign company has settled in Crypto Valley. As the “Handelszeitung” writes in its latest edition, Bitmain Technologies has founded its subsidiary Bitmain Switzerland.
Headquartered in Zug, the subsidiary is set to play a key role in the global expansion of its Chinese parent company.
Bitmain is the world’s biggest producer of Bitcoin miners. Its profits are estimated around the hundred million dollars mark and it has subsidiaries in the USA, Singapore and Israel.
“Now is the right time to build a hub in Europe, to be able to offer better services,” commented a spokesperson. “Bitmain has different business segments, including hardware and software, which are relevant to blockchain and artificial intelligence.”
Bitcoin’s special mining chips cost around 3,000 dollars. The company settled on Switzerland due to the country’s progressive attitude, legal stability and amicable regulatory policies.
The region around Zug and Zurich has developed into a blockchain technology center over the past few years. Its interests are united by the Crypto Valley Association.
Swiss investors and entrepreneurs are organizing the first global Crypto Finance Conference, which will be held from 17 to 19 January in St.Moritz and the Greater Zurich Area.