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Moving to greener pastures – Lamassu moves to Switzerland
Many governments around the world, led by the United States, are moving to regulate the cryptocurrency sector. Switzerland, however, welcomes innovation in this space friendly policies and regulations. Several cryptocurrency companies have already moved to Switzerland and Bitcoin ATM manufacturers Lamassu he is planning to do the same very soon.
A friendly work environment
Switzerland has emerged as one of the few countries that embrace cryptocurrency, rather than avoiding it. He has his very personal 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 rules for which Switzerland has become popular, they made it ideal for cryptocurrency companies like Lamassu.
Lamassu, which will soon be under the name Lamassu Industries, is already collecting since its transfer to Switzerland. The CEO of the company, Zach Harveyhe explained it
"Lamassu had trouble finding a bank willing to welcome him in 2018 because of his alleged association with Bitcoin.The company now has a full bank account with better incentives than would have expected in Portugal. also comforting the Swiss government's optimism in cryptocurrency, while previously it was not sure what new regulations would be introduced in the future. "
It is important to note that while Lamassu will relocate to Switzerland, it will continue its production of ATMs in Portugal.
Good performance against the odds
The odds were against most companies in the cryptocurrency space in the last year. For beginners, the bear market has caused a fall in revenue and forced many companies and many cryptocurrencies to exit the market. Secondly, the SEC he has made bold moves, both nationally and internationally, to regulate the cryptic companies. This further limited the expansion and performance of cryptocurrency companies. Several Bitcoin ATM manufacturers business has already ceased due to these constraints. Robocoin, one of the first pioneers in this sector, closed in 2016.
Lamassu is one of the few Bitcoin producers who survived the cryptocurrency attack. It is the third producer of ATM Bitcoins after General Bytes and Genesis Coin. The company controls about 10% of the sector according to the research firm DCResearch.
The industry was also general resilient considering the progress made. Research company DCResearch reports that the number of Cryptocurrency ATMs distributed worldwide they have more than doubled over the past two years from around 1,500 distributors in 2016 to over 4,000 distributors today.
Changing with the times
Lamassu Industries it's doing a lot more than just migrating in an attempt to stay in business. As mentioned earlier, several bankers have destroyed the company for its association with words Bitcoin ATM, which seems to be competitive for traditional banks. Now he is replacing this sentence with a new term: cryptomart. The new ATMs (cryptomarts) will also look completely different from standard ATM machines.
Conclusion
Lamassu, soon going for the name Lamassu Industries, is completing plans to move the headquarters from Portugal to Switzerland in an attempt to escape growing growing regulations. This has been seen as an intelligent move necessary for the survival of the company – and many other companies in the cryptocurrency space are following the example.
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