For decades, Switzerland has been the go-to spot to store large amounts of money, thanks to its favorable banking system. Not satisfied with just being the banking capital of the world, the country has its sights set on being the…
One of Switzerland’s best-known Bitcoin speculators is betting he can attract more traditional money to the secure Alpine bunker that houses his cryptocurrency stockpile.Niklas Nikolajsen and former UBS Group AG investment banker Philipp Vonmoos have set up a venture called Swiss Crypto Vault that aims to lure ultra-high net worth individuals and institutional investors with its “deep underground storage, state-of-the-art encryption, multi-signing authorization processes and many more security features.” The storage space is available for clients starting Wednesday can handle various cryptocurrencies including Ether and Litecoin, Bitcoin Suisse said in a statement.Bitcoin Suisse, the cryptocurrency broker Nikolajsen founded, moved its own hoard of electronic currency and client holdings to the bunker, the two entrepreneurs said in an interview in Zug, the canton near Zurich that’s home to hedge funds, crypto firms and commodity traders.“Many banks already have important clients where they simply cannot say no when they ask about crypto investments and crypto financial services — that’s when banks get in touch with us,” Nikolajsen said, adding that Bitcoin Suisse already has about 10 lenders as clients and more than 10,000 relationships overall.
Swiss entrepreneurs face on average a six-week-long, paper-heavy process to legally register their business entity with the government. This doesn’t jibe with a generalized sense of Swiss perfection. Even though the World Economic Forum’s Global Competitiveness Report identifies Switzerland as the world’s most competitive economy for the eighth year in a row, it simultaneously pegs the country as bureaucratic. Of the 138 countries surveyed, Switzerland’s business incorporation process is the 54th-easiest to navigate and the 56th-fastest to complete. A demonstration of blockchain technology by a company called Proxeus significantly moved the goalposts on Switzerland’s six-week process, registering a valid legal entity (“Drakkensberg AG”) with the complicated government in one hour and 37 minutes.
The world’s fifth largest crypto exchange platform by traded volume per day plans to drop its Hong Kong location and move to Switzerland, according to Handelszeitung.