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Bitmain-backed Matrixport expands to Europe with Zurich office

Namrata Shukla

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Source: Pixabay

Matrixport, a cryptocurrency trading firm founded by Bitmain’s Co-founder Jihan Wu, has managed to make its way to Europe after the company announced the opening of a new office in Zurich, Switzerland, according to a report. The firm has been registered under the name of Chiantech in Switzerland and has offices in China and Hong Kong already.

With its office in Zurich, the firm is expected to expand from Asia to Europe, with the firm also planning to hire up to 10 employees within two years, as per Hui Wang, Matrixport’s Chief Operations Officer in Switzerland. Wang added,

“We will start on a modest scale initially as we establish our name in Europe and establish a pool of clients. We don’t intend to act as a channel for our Singapore HQ, simply referring clients to Asia. We will service our European clients from Switzerland.”

According to reports, Matrixport is not the only crypto-firm moving to Switzerland, with other firms having previously converted old military bunkers in the Swiss Alps to store Bitcoin and other cryptos. It also added,

“Matrixport will not offer its payment services in Europe, but the company says it might apply for a Swiss banking license at a later date.”

The firm has been a member of the self-regulatory body, QVF, which is monitored by the Swiss Financial Market Supervisory Authority. The founder’s other company, Bitmain, which also backs Matrixport, had to quit its office in Switzerland a while back. However, Switzerland has been known for its support for cryptocurrencies and crypto-projects, while also hosting around 600 ventures by the end of September.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.