Bitcoin ATM Producer Lamassu Moves To Switzerland

Announcements, News | January 4, 2019 By:

Bitcoin ATM manufacturer Lamassu has moved to Swiss canton of Lucerne after struggling to maintain a bank account in other countries.

Lamassu, the oldest Bitcoin ATM manufacturer established in 2013, is the third-largest cryptocurrency ATM hardware manufacturer with a 10.7 percent market share.

In a blog post, formerly Portugal-based Lamassu said that it decided to move to Switzerland because of the country’s well-defined rules for cryptocurrencies and regulators’ pro-innovation attitude.

“Exciting stuff is happening in Switzerland at every level,” Lamassu said. “Open source Bitcoin and Lightning Network nodes are being hacked together, hardware wallets are being designed and manufactured, the world’s leading cryptocurrency regulations are being carefully guided, world-class meetups and events are happening, and lots of Bitcoin ATMs are being deployed.”

Lamassu also revealed in the post that it was unable to find a bank to work with in other countries because it produces terminals for bitcoin.

“We must have been rejected by fifteen banks just because we manufacture terminals for bitcoin,” said Lamassu co-founder Zach Harvey. “Note that as a company we only manufacture hardware and take no part in trading or storing cryptocurrencies. The other day we were rejected by payment processor Stripe for having the word Bitcoin on our site.”

Harvey said that moving to Switzerland solved this problem as it now has a “full account at a small bank in Canton Aargau that is completely aware of the company’s business model.