Bitmain, the China-based bitcoin mining giant, has set up a new subsidiary in Switzerland.
A report from Swiss-based news service Handelszeitung states that the company has based the subsidiary, Bitmain Switzerland, in Zug. The locale is the home of the “Crypto Valley,” an area where a number of cryptocurrency and blockchain startups have headquartered thanks to a permissive regulatory environment.
The move – which comes amid reports that the Chinese government wants to slowly but surely quash the country’s mining ecosystem – is said to be a notable one for the firm, according to statements. This, sources say, would be accomplished by curtailing access to supportive tax policies as well as the land and utilities needed to run a power-hungry bitcoin mine.
According to Handelszeitung, Bitmain is eyeing the Zug office as a way to grow its presence in Europe and, really, beyond its home base in China.
“Bitmain Switzerland will play a key role in our global expansion,” Bitmain told the paper.
The company further said that it plans to expand its footprint in Switzerland over the coming months, hiring new employees and making a concerted effort to work with the government, including the Swiss Financial Market Supervisory Authority (FINMA).
Swiss alley image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected].