Equibit, a company applying blockchain technology to establish peer-to-peer equity and debt marketplaces, announced its new office opening in Zug, Switzerland, also known as “Crypto Valley.” The Swiss city has an established track record for being an accelerator for blockchain-based early stage companies.
The company has officially registered its business as Equibit Group AG, signifying the start of its Swiss-based operations. In “Crypto Valley” there are over 500 startups, service providers, and other organizations who are connected to the crypto ecosystem; the favorable regulatory environment linked with the level of blockchain activity has made crypto develop at a faster rate than in North America says Equibit.
The company conducted a small token sale in early 2017, generating over half a million USD for its Equibit token, and has reported positive news stemming from the new office location in Zug. Equibit said it recently received a reply from the country’s Financial Market Supervisory Authority (FINMA) and after legal review, the Equibit (or EQB token) will be considered a utility coin rather than a security or payment token.
The Equibit team said:
“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.”
CEO of Equibit Chris Horlacher:
Preparing for my own move to Switzerland has been quite disruptive to our (my wife and I) lives. We're thankful for the amazing friends and support we've received during this pivotal moment! https://t.co/mkGWfJrMbG
— Chris Horlacher (@ChrisHorlacher) August 20, 2018