Lamassu, the oldest Bitcoin ATM manufacturer, has shifted its base to Switzerland due to favorable regulations. The company was denied banking services by 15 banks.
It’s a no-brainer that when it comes to crypto, a majority of countries are in analysis-paralysis. While some developed countries have allowed cryptocurrency businesses to flourish on their grounds (i.e. US and Japan), even those countries start cracking down on these businesses every now and then. In fact, one still can’t start a new crypto-related business in those countries. There’re only a handful of countries that are facilitating crypto companies and developing blockchain hubs. Switzerland is also one of them, and as a result, blockchain and crypto-related businesses from several countries are moving to Switzerland. The latest business to join that club is Lamassu, a manufacturer of Bitcoin ATMs.
Lamassu is involved only in the business of making Bitcoin automated teller machines (ATMs) – not in trading or holding of cryptocurrencies. Despite that, however, it was denied banking services by 15 banks. At last it found a home in Switzerland, and as a result, it’s now going to be known as Lamassu Industries AG in the coming days after completing the move to Switzerland.
In its announcement Lamassu also revealed that it was also denied services by payment processor Stripe because it had the word Bitcoin on its site. This reveals how difficult it is to bank the unbanked of this world in the legacy finance industry. It’s good to hear, however, that the company could find a bank in Switzerland after being “bankless” for a year. Lamassu is now not only the holder of a full bank account but also it’s hoping to install one of its ATMs at the headquarters of its banking partner in Switzerland. Given below is what company’s announcement said in this regard:
“Just as we arrived in Switzerland we had a nice chat with a small bank in Canton Aargau and now we have a full account at a bank that is completely aware of our business model and happy to have us on board. In fact, you should expect to see one of our cryptomats in their headquarters early this year.”
It’s worth noting, however, that while Switzerland may be warming up to crypto companies, things have not always been well there too. Last year when UBS started closing accounts of crypto businesses other banks providing services in the country had also followed suit. It was only after the crypto-friendly moves of Malta, Lichtenstein, and Germany that country decided to slightly loosen its tightening grip for a while.