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Bitcoin mining Swiss company wins cryptocurrency award

A Bitcoin

Switzerland has seen a boom in cryptocurrency startups.

(Keystone)

Start-up company Unity Investment has received an award at the annual summit of leading global cryptocurrency companies, becoming the first Swiss company to do so. 

The award, made at the cryptocurrency summit in Warsawexternal link was for best project in the field "Initial Coin Offering". 

Unity Investment AG is building a huge computer centre in Jona, canton St. Gallen, with thousands of mining units that will be used to mine Bitcoins and other digital currencies, it says. The computers are to be powered using renewable energy sources.  

"We have shown with our innovative project that Switzerland is an ideal location for Crypto companies," Unity Investment CEO Sean Prescott said in a statementexternal link on Friday. 

In Prescott's view, Switzerland offers several advantages, including “extremely high regulatory security as a finance and crypto nation”, a stable technical infrastructure and power grid. "In addition, we benefit from extremely low taxes and power costs - we are essentially cheaper than China or Canada in producing crypto currencies," says Prescott.

The project has met with particular interest, because it is based on a new investment model, the company says.


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