Leading Crypto ATM Company Moves to Greener Pastures to Avoid Financing Struggles
Lamassu, the oldest manufacturer of crypto ATMs in the world, has decided to settle its business in Lucerne, Switzerland. The information was released by the company in a blog post on January 1st.
Switzerland has established itself as a friendly country towards virtual currencies. There are different companies located in many cities in the country such as Zug, Zürich or Lucerne.
“For years we’ve been searching for a home to call our own and we’ve finally found it in the majestic Swiss Canton of Lucerne,” the company wrote on its blog post.
The region in which they’ve settled their operations is also known as the Crypto Valley due to a large number of crypto and blockchain companies located there.
Lamassu is currently one of the largest Bitcoin ATM manufacturers in the world. There are 433 ATMs of this company worldwide, including Switzerland. The intention is to keep rolling out more products in the country and expand to other markets.
Although the country has shown itself as one of the most open for virtual currencies some banks stopped offering services to cryptocurrency companies. Swiss authorities are also worried about this issue. There are other countries such as Malta or Liechtenstein that are starting to attract cryptocurrency-related companies. That means that it might be possible for companies in Switzerland to move to other countries in an easier way.
Lamassu wrote that there are different exciting things happening in Switzerland. There are many developers, hardware wallet manufacturers and the ‘world’s leading cryptocurrency regulations’ which are being created.
According to Coin ATM Radar, there are 4110 cryptocurrency ATMs around the wold. 44 of them are located in Switzerland. The number of crypto ATMs has been constantly growing during the last months, even during such a bear market that the space is currently facing.
The firm informed that in Portugal the company was not able to work with any bank. About this issue, the company explained:
“We’ve been bankless for the past year. We must have been rejected by fifteen banks just because we manufacture terminals for Bitcoin.”
The reason why banks do not want to work with these companies is due to the lack of proper regulations, including AML and KYC policies. However, Lamassu is just a hardware producer, it does not handle virtual currencies.
Another issue that the company faced was a rejection by the international payment processor Stripe. They believe that this is due to the fact that the word Bitcoin is on their website. Now, the intention is to start a new business in Switzerland and grow around the country.
Switzerland will also have to help banks to start working with clients dealing with virtual currencies.