Bitcoin ATM manufacturer Lamassu moves to Switzerland

Well-known bitcoin ATM manufacturer Lamassu has announced that it has moved to Swiss canton of Lucerne.

Lamassu co-founder Zach Harvey made the announcement in an online post.

Harvey said that one of the key reasons behind moving to Switzerland was that the company wanted to “be in a place where rules are well defined and regulators are pro-innovation.” He noted various “exciting stuff” that is happening in the country including the deployments of several Bitcoin ATM.

He said that the company had been struggling to maintain a bank account over the past year.

“And when I say struggle, I mean we’ve been bankless for the past year. We must have been rejected by fifteen banks just because we manufacture terminals for Bitcoin. Note that as a company we only manufacture hardware and take no part in trading or storing cryptocurrencies,” Harvey said, adding that the company has also been rejected by payment processor Stripe for having the word “Bitcoin” on its site.

He said that moving to Switzerland solved this problem as it now has “full account at a bank that is completely aware of our business model and happy to have us on board.”