Its official: Canadian Equibit Group is now Swiss-based

“As a country, Switzerland is probably the world’s leading crypto-specific jurisdiction. 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.”

This may sound like a text of a Swiss business promotion agency, however the text was published by Equibit and these are some of the decisive factors that made the Equibit Group to move from Toronto, Canada to Zug, Switzerland. The company is now registered as «Equibit Group AG».

Equibit was established in 2015 to bring the benefits of blockchain technology to capital markets and to democratize access to growth capital. The company developed the world's first peer-to-peer equity and debt marketplace based on Blockchain technology, thereby eliminating the need for expensive infrastructure and third-party facilitation from depositories or transfer agents.

While the marketing, QA and other parts of the business remain in Canada, Chris Horlacher, the CEO, will move to Zug to lead the company where he will work 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 higher and deeper levels of innovation across the organization as it continues to expand.

According to the company: “By having a Zug office and a Swiss banking relationship, things for Equibit will now be accelerated on both sides of the Atlantic.”

The company also announced, that Equibit recently received a response from 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", comment Equibit in a blog post.

Picture: joda / Fotolia.com

(RAN)