Two payment powerhouses have signed a letter of intent to expand crypto acceptance at merchants and businesses in Switzerland, both at retail Point-of-Sale devices, as well as at online website portals. Bitcoin Suisse has been developing the crypto market in Switzerland since 2013, while Worldline has become the leading payment and transactional service provider across the European continent, serving over 30+ countries, employing over 11,000 employees, and reporting annual revenues of €2.2 billion.
Within their dual press release, Dr. Arthur Vayloyan, CEO of Bitcoin Suisse, noted:
Our partnership with Worldline is a major step forward on the journey to bring crypto payments into broader adoption. Bitcoin Suisse is proud to serve as the processor of cryptocurrencies in Worldline’s payment service system. We applaud them for their pioneering spirit in taking this monumental step and pointing the way forward for others.
Marc Schluep, CEO of Worldline in Switzerland, added:
As a market leader we have a reputation to introduce the latest payment functionalities that enhance the customer journey as well as boost efficiency and profitability for our merchants. Through the cooperation with Bitcoin Suisse, merchants can benefit from an entirely new offering without taking any conversion risk.
We reported as far back as January that an “arms race” to win over crypto entities was in progress across the globe by an assortment of countries. In August, we reported that Switzerland appears to be the winner:
The Swiss Crypto Valley, which includes six clear hotspots, i.e., Zug, Zurich, Geneva, Ticino, Liechtenstein, and Vaud, is winning the race for, perhaps, the rest of the crypto slate by boasting more than 800 companies active in cryptocurrency and blockchain, which employ over 4,000 professionals.
It is also important to note that these companies are quickly appreciating in value, as well. For the first six months of this year, the “Top 50” blockchain companies in the Swiss Crypto Valley grew in value from USD $20 billion to USD $40 billion. In 2016, the City of Zug, the undisputed capital of the valley with over 50% of the registered companies, became the first public entity to begin accepting Bitcoins as a payment vehicle. In the meantime, Worldline has built a network of over 85,000 acceptance outlets across Switzerland alone.
How did Switzerland achieve so much so quickly? The government moved to adopt accommodative crypto-friendly legislation, and a few pioneering banks stepped forward to provide banking services, something that has held back other countries in their quest to attract crypto companies to their shore. At this stage, Worldline hopes to build upon this base and then expand its current foothold throughout the European continent.
Reporters from u.today concluded that:
Switzerland is always at the forefront when it comes to big money. Thus, the mainstream adoption of blockchain real-world use-cases in this country came as no surprise. Now, two financial behemoths join forces to write one more page in this book.
As in all races, there is one leader, and the rest follow. In the crypto race, Switzerland has chosen to be the one out front and has stayed there.