The worlds fifth largest cryptocurrency exchange Bitfinex wants to trade the sunny British Virgin Islands for the Alpine climate of Zug in Switzerland as its new business headquarters according to Swiss business publication Handelszietung.
Bitfinex May be Heading for Zug
Following some of its smaller competitors that have settled in Switzerland since the start of the new year Bitfinex, the fifth largest Cryptocurrency platform in the world by trading volume, is now looking to pull up stakes and make the move.
CEO Jean Louis van der Velde has confirmed this saying that “We are looking for a new domicile for Bitfinex and the parent company iFinex, where we want to merge the operations previously spread over several locations.”
The Bitfinex leadership has already met with the State Secretariat for International Financial Affairs (SIF) and an exchange with Federal Councilor Johann Schneider-Ammann, the head of the Department of Economic Affairs, several times in order to cement the details of the resettlement project.
The move has garnered overwhelming support from players in the Swiss cryptocurrency circles of influence. Entrepreneur and FDP Council of States Ruedi Noser commented;
“It would be sensational if an actor of this size and importance should decide for Switzerland, It would show that Switzerland can indeed occupy a leading position in the entire blockchain industry.”
In recent years Bitfinex has established itself as one of the leading exchanges between the US dollar and the most popular cryptocurrencies Bitcoin and Ethereum while ranking as the fifth largest exchange in the world by trade volume. “In the exceptionally good month of December 2017, Bitfinex generated sales of around $ 110 billion,” Van Der Velde told told Handleszietung.
Regulation and Transparency are a Good Thing
If the plan comes to ultimate fruition Bitfinex will be located in Switzerland as a public limited company replacing the former parent company iFinex in the British Virgin Islands. With all departments of the company operating from Switzerland including the legal, finance and developing stock exchange platform.
The companies leadership sees the move as a step away from the ‘wild west’ of the cryptocurrency markets formative years toward a future that promises more stability. “We want to be the most transparent of all exchanges and meet the requirements of the Swiss regulator,” says van der Velde.
Though the move is not yet written in stone, London is also being considered as a new home by the company, Bitfinex is working with regulators to establish legal certainty. Zug has already established itself as a destination for crypto companies being home to Shapeshift, Xapo, Monetas as well as the Ethereum’s foundation and management.