Zug: The New Crypto and FinTech HotSpot !
The Canton of Zug is spontaneously creating a FinTech and cryptocurrency hub in Switzerland. Innovators from all around the world are congregating to this small lake shore region with eyes set on technology and the glorious peaks of the Bernese Oberland. The area has created a home for Monetas, Ethereum, Sapphire Innovation, and many more digital innovators. The town hosts many educational and technical resources specializing in IT, electronics, engineering, and technical business administration. The startup scene in this old town is growing and is slowly becoming a new Silicon Valley in this section of the world.
Also Read: Bitcoin 101: A Rollicking Introduction (Part 1: The Beast, Stripped and Naked)
The region recently became notorious in American Media when CBS first aired a 60 Minutes special on the lake shore town. When CBS displayed the show it described the little town as a “safe haven” for American corporations. What they failed to recognize was the immense professional education concerning free markets and training for IT produces a sound economy. It seems this coastal community has many roots of technical awareness among its quaint fishing district.
Ethereum is a smart contract “everything” project the crypto community has been raving about for quite some time. It’s a complete Turing language protocol with a whole lot to offer financial tech landscape says its boosters. The website states: “Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Ethereum is how the Internet was supposed to work.” Zug is a resting place for Ethereum and its foundation is located in Baar. The idea of Ethereum is comes from the mind of a well known Russian developer in his twenties, Vitalik Buterin. The company has roots in Zug, Amsterdam, London and the United States. Ethereum aims to be a platform for developers that build unique decentralized apps for the new financial era.
Monetas is no different in technological fortitude. Deemed the the “world’s most advanced transaction platform” on its website the startup has some cool ideas. Monetas describes itself as a smart contract software as well. Using legal Ricardian contracts to boast maximum financial trades and executions the startup is making headway. The Monetas team also plays and resides in the Canton of Zug. The company was a winner in the StartUp challenge hosted by Swisscom. “Others have tried to deliver this kind of a service, but based on proprietary technology,” says Johann Gevers, CEO at Monetas. Zug is known for its steadfast supply of young entrepreneurs and Monetas joins in on its celebratory advances.
Sapphire innovation is another guest of the Swiss Zug region offering specialized financial solutions and support through its businesses embodiment.The expertise in this company is lead by financial executives using creative consulting restructure. Failed attempts by Keynesianism and Marxism continues to plague the globe with its tacky features, this Swiss area and its startups fight back with technological disruption.
When it comes to commodities and trade Zug has always been a global leader. But now it’s becoming a FinTech hotspot with a reputation for finances and technological security. Professional operations of Bitcoin exchanges have worked with the Swiss government to enable the ease of cryptocurrency into their region. Ecurex a digital finance market was the first to become an institutionalized exchange to be fully compliant with Swiss AML procedures. Switzerland considers virtual money to be equivalent with a currency and not a commodity. With this clarification Bitcoin and other digital currencies are exempt from Value Added Tax (VAT). The Switzerland Tax Administration (ESTV) has been easier to deal with than most countries and worked with the Bitcoin Association Switzerland throughout the policy process.
The Bitcoin Association Switzerland mission is to “form an active community of enthusiasts with regular events, try to resolve open legal questions, and educate the public by providing a contact point for media inquiries and by already having presented Bitcoin at dozens of 3rd party events.” Its worked with industry leaders in Switzerland and has helped pave the way for the digital currency in the area. Another powerful leader is Bitcoin Suisse AG, a Bitcoin brokerage provider that’s put a lot of effort into Swiss adoption. The service offers buying and trading Bitcoins, implementation with Localbitcoins, ATM services and educational resources. The company calls themselves the “Premier Bitcoin and Cryptocurrency Professionals” and have a simple user interface online.
So the startup scene and venture capital injections of Zug are growing immensely. The small town and surrounding Greater Zurich region is seeing a whole lot of economic growth in the business section near the railway. Several fine modern buildings have been and are being built in the little lake shore borough. Metall-Zug a technology industry leader is building a state-of-the-art innovation centre in Baarerstrasse.The plans were unveiled with the cities localized government to build this centre to integrate more technological advancements in the Swiss region. With financial tech startups and cryptocurrency solutions in Switzerland doing so well there’s no doubt this region will be fierce competition in the global markets. Already Switzerland has shown more openness than the majority of the world towards Bitcoin. Time will tell how these innovations improve their local communities and markets abroad.
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