Equibit is applying blockchain technology to develop a platform for issuing, trading and managing both public and private equity. The company from Toronto has now opened an office in Zug and officially registered a business as Equibit Group AG. This will serve as its base for expansion in Europe, though other parts of the business will remain in Canada.
Switzerland is the world’s leading crypto-specific jurisdiction, the company explains its choice of location in a press release. Equibit will move into the Crypto Valley Labs and benefit from the proximity to so many crypto companies, including ShapeShift, Bancor and the Cardano Foundation. The company praised the advanced understanding and wide acceptance of blockchain technology in this jurisdiction. The Financial Market Supervisory Authority (FINMA) has already recognised the company’s tokens as a utility coin, which Equibit rates as a positive outcome.
Equibit highlights that the canton of Zug has an established track record for being an accelerator for blockchain in Switzerland as well as the city of Zug being a member of the Crypto Valley Association. In this way, the city supports companies in the Crypto Valley with various services and blockchain has already been used to secure municipal elections.
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