Xapo, a global provider of crypto custody and wallet services, has opted for a strategic change and has decided to move its headquarters to Switzerland.
Although incorporated in the Far East, Hong Kong, the company had offices in the famous Crypto Valley in the canton of Zug as early as 2015.
Now the company has decided to transfer its global operations from Hong Kong to its headquarters in the Federation, while US operations will continue to be directed from London.
The announcement was made during the World Web Forum in Zurich and Xapo’s President, Ted Rogers, said:
“It was once thought that Hong Kong was the holy grail of crypto regulations. But it has become more opaque. It’s a reality of this industry that you have to be agile and react to regulatory changes all the time. Swiss regulators are smart, interested and sophisticated in dealing with the financial markets. Nothing has changed my belief that Switzerland is the right place for a blockchain or crypto project”.
Xapo provides wallets and custody services for cryptocurrencies. Since the beginning of 2018, it has also been providing credit card payment services via crypto, but this service has been interrupted due to the termination of its relationship with Visa.
In fact, the company already had large interests in Switzerland, where since 2015 it had an office for crypto cold storage services.
With this decision, Xapo consolidates an essential part of its operational and managerial activities in the Federation, also giving spatial unity to its management.