For those of you paying very (very) close attention, and others who’ve simply noticed a change to our address details online, yes, it’s official. After considerable chatter about Equibit becoming part of the most vibrant and active crypto community on the planet, we’ve officially registered a business as Equibit Group AG, marking the start of our Swiss-based operations. This is another significant milestone for the company - - one which the entire team is incredibly excited about.
Switzerland as a whole stands out as a small country, yet key player for blockchain, DLT and cryptocurrency, which is why we decided to open an office there. It boasts a legal and regulatory environment that is favourable to companies like Equibit Group, and a track record of developing a high number of blockchain-based companies with supporting ancillary services, experienced investors, advisors and board members who will help us grow. We have already secured some great office space for the new Swiss team in Zug. We will be in great crypto company in our new office in the Crypto Valley Labs, which is home to trailblazers such as the Cardano Foundation, Bancor, ShapeShift, and so many more.
Closer to home, our Toronto office remains part of an incredible FinTech community. A recent report from KPMG tapped the city as one of the world's leading technology innovation hubs, poised to break out and attract a growing number of companies through 2022, thanks to early investment in artificial intelligence, density of financial and intellectual capital and a talented and diverse workforce. For these reasons, most of the Equibit Group team, including marketing, QA and other parts of our business will remain in Canada. Chris Horlacher, our CEO, will be leading the company in Zug, working with developers and other shared services, and most critically, collaborating and connecting with similarly minded companies and entrepreneurs. The co-location of so many crypto companies will lead to greater and deeper levels of innovation across the organization as it continues to expand. We’re sure of it.
As a country, Switzerland is probably the world’s leading crypto-specific jurisdiction. Cryptocurrency and blockchain technology have been widely accepted there. Blockchain is already being used to secure municipal elections, while the city of Zug itself boast a partner network (through their Crypto Valley Association) that caters to its members, offering differentiated services to companies who will make strategic contributions to the growth of the Valley, both in Switzerland and internationally.
Of course, there are other benefits to our new Zug-based office, too. The legal and regulatory environment is considerably more favourable, for one. Switzerland - the Canton of Zug in particular - has an established track record for being an accelerator for blockchain-based early stage companies. There are 524 startups, service providers and other organizations who are connected to the crypto ecosystem; the favourably regulated environment coupled with this level and density of activity has made crypto develop at a faster rate than in North America.By having a Zug office and a Swiss banking relationship, things for Equibit will now be heating up on both sides of the Atlantic. Swiss German lessons, here we come.
Other important news relevant to our Swiss office opening: Equibit recently received a response from the country’s Financial Market Supervisory Authority, FINMA. Their opinion, after considerable legal review, is that Equibit (or "EQB") will be considered a utility coin rather than a security or payment token. This is a positive outcome from their review for many reasons and reflects the regulator's advanced understanding of blockchain technology. Such assessments are beneficial as we continue looking at strategic partnerships and build out our European network.
Having offices filled with talented people and ideas in two of world’s leading innovation hubs successfully positions the company for its next phase of growth. Sign up for the most recent news, and join our Telegram community for daily communication with the team.