Equibit, a peer-to-peer equity and debt marketplace that bases its operations on blockchain technology, will open its office in Switzerland’s “Crypto Valley” based in the town of Zug. Zug is known for instituting accelerators for early stage blockchain startups.
The registered name of the company is Equibit Group AG, and has joined the ranks of over 500 startups that are linked to the crypto sphere. Switzerland provides a regulatory framework concerning blockchain and crypto development which is considered more favorable than North America’s.
Equibit stated on their blog:
“As a country, Switzerland is probably the world’s leading crypto-specific jurisdiction. Cryptocurrency and blockchain technology have been widely accepted there. Blockchain is already being used to secure municipal elections, while the city of Zug itself boast a partner network (through their Crypto Valley Association) that caters to its members, offering differentiated services to companies who will make strategic contributions to the growth of the Valley, both in Switzerland and internationally.”
Equibit had generated more than $500,000 through a small token sale back in 2017, and after opening offices in Zug, received a reply from Swiss’ Financial Market Supervisory Authority (FINMA) that the company’s token Equibit (EQB token) is slated to be a utility coin as opposed to a security of payment token.
The company’s blog also stated:
“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.”