New Year bitcoin drop doesn’t affect Swiss crypto. The cryptocurrency business is well-versed in dealing with price fluctuations. And it is pressing on with expansion plans regardless of how many dollars. You can currently receive for your bitcoin.
When it comes to management changes, Bitcoin Suisse has pushed the bar. To a whole new level. The chairman (and creator) of the cryptocurrency corporation, as well as its CEO. Have both chosen to step down from their positions within three weeks.
In a recent announcement, Chief Executive Arthur Vayloyan stated that he will take over. The reins to Dirk Klee, a former Barclays and UBS bank executive, in April. Niklas Nikolajsen, the company’s flamboyant founder, has just recently stepped down. From his position as chairman of the board. Both will continue to serve on the company’s board of directors. But they will no longer be involved in day-to-day operations.
The resignation of Bitcoin Suisse’s two most senior executives comes. On the heels of a recent executive restructuring that saw new employees. Hired to lead the company’s legal and compliance divisions. Among other positions in new year.
If you look hard enough, you can probably find a plausible explanation for the changes. Bitcoin Suisse was denied a banking license in March after the Financial Industry Regulatory Authority. Discovered shortcomings in the company’s anti-money laundering compliance processes.
Because of Finma’s extremely harsh public condemnation. Bitcoin Suisse’s business objectives have been severely hampered. As has its reputation as a bridge between traditional finance. And cryptocurrencies in general.
Despite the fact that Nikolajsen founded Bitcoin Suisse in 2013. His decision to close the company is likely the least shocking.
Nikolajsen’s anti-establishment inclinations and love of collecting ancient wartime tanks
With his anti-establishment tendencies paired with a penchant for collecting ancient wartime tanks. Nikolajsen is an unlikely candidate to help make decentralised finance more acceptable. To lawmakers and regulators in the United States.
Vayloyan’s decision to stand down as CEO after only four years. At the helm was a bit of a shock. Especially given the timing of his departure. Which came immediately after the business named a new board chairman.
Uncertainty surrounds whether Bitcoin Suisse, one of Switzerland’s oldest. And most successful cryptocurrency startups. Will reapply for a banking license or possibly collaborate. With an existing bank in the country.
The appointment of an experienced banker (Klee) as the business’s new CEO. With a strong leaning toward wealth management. Shows that the corporation is counting on a greater number of wealthy clientele. Being interested in cryptocurrency. It also signals the beginning of a new strategic initiative aimed. At growing Bitcoin Suisse’s operations beyond the borders of Switzerland in new year.
Digital Gold Mining
I previously written about failed attempts to start up bitcoin mining operations in Switzerland. Mining is the process of creating digital currencies like bitcoin. Today’s highly competitive market necessitates focused computing power.
It’s odd that WISeKey, a Swiss cybersecurity startup. Proposes to invest $10 million in bitcoin mining in Switzerland over two years. It’s also hard to picture them succeeding where others have failed.
Switzerland has plenty of hydropower, but it is expensive. In spite of favorable electricity tariffs from the local administration. Alpine Mining had to quit its crypto mining project near the Swiss-Italian border.
According to WISeKey, the crypto mining business has been forced to adapt. Because China, a major producer of bitcoin, unexpectedly prohibited the practice. This has shifted crypto mining to the US. Kazakhstan, another important mining country. Is also experiencing violent societal unrest that may affect bitcoin output.
So WISeKey may have identified a market gap. The company plans to open crypto mines also in the US and Gibraltar.
Additionally, the move appears to be aimed at broadening the company’s cryptocurrency cybersecurity reach. It also protects databases from “cyber jacking,” where thieves plant cuckoo software. That steals electricity to make bitcoin.