Today, the Swiss crypto broker Bitcoin Suisse is celebrating its tenth anniversary. In its early days, the provider pioneered what is now known as the Crypto Valley and, despite recent challenges, has established itself as the oldest crypto company in Switzerland.
The company, founded in 2013 by Niklas Nikolajsen and other early Bitcoin enthusiasts, played a central role in the development of Switzerland as a leading blockchain hub, now known as Crypto Valley. In a blog post for its tenth anniversary, the crypto broker released a history of the company, offering a brief look back at the history of blockchain in Switzerland.
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The first crypto specialist establishes itself in Zug
The foundation of Bitcoin Suisse was laid in the early days of the blockchain industry. In 2013, services for this new asset class were hard to come by, and over 60% of all trading volumes were processed on the now-insolvent Mt. Gox exchange. However, Danish-born Niklajsen and his team saw an opportunity in the Swiss financial center. On August 22, 2013, Bitcoin Suisse was founded, and just a year later, it came under the oversight of a self-regulatory organization (SRO).
In 2015, the crypto broker supported the Ethereum crowdsale, and the following year, with the help of the company's technology, the city of Zug became the world's first government authority to accept Bitcoin as a form of payment. During the boom years of 2017/18, Bitcoin Suisse supported numerous Initial Coin Offerings (ICOs), and in 2019, their advertising efforts went into full swing, with the red and white trams in Zurich adorned with extensive advertisements. Starting in 2020, expansion continued thanks to a Series A funding round.
Crypto Valley remains resilient
Even in the past couple of years, the Swiss crypto pioneer achieved further milestones. However, with the next "crypto winter," new challenges emerged. Weak trading volumes and price depreciations in the company's balance sheet resulted in a 24 million Swiss Franc operating loss in 2022. A shift towards traditional banking services was intended to get Bitcoin Suisse back on track. Recent changes in the board of directors support this vision.
Overall, despite the crypto bear market, Crypto Valley has proven to be resilient. 2022 was another year of growth for the Swiss ecosystem, as indicated by the CV VC Top 50 report at the beginning of the year. Analyses from Liechtenstein's Bank Frick also supported this conclusion.
"Ten years ago, we laid the foundation for Bitcoin Suisse when the crypto and blockchain world was still in its infancy. Today, we celebrate not only a decade of innovation but also the belief in decentralized financial technologies. [...] As we reflect on the past ten years, we look forward to the next decade with anticipation, eager to continue advancing the future and institutionalization together." - Fabian Hediger, Co-Founder Bitcoin Suisse