Bitcoin Suisse has had a golden 2017. If the industry however wants to achieve its goals, government and cantonal banks will have to play their part as well, founder Niklas Nikolajsen told finews.com in an interview.
Niklas Nikolajsen, the crypto community is known for its wild parties. How did the celebration of the fifth anniversary of Bitcoin Suisse take place?
We all at Bitcoin Suisse celebrated the day with a small party, held at a venue we rented for this purpose on Lake Zug. We had a big crypto-cake as well as champagne, and the whole thing lasted until 1 o'clock in the morning. After all, five years is quite an accomplishment in the crypto-space. The next day it was quite quiet in the office, some of us wishing we had celebrated a bit less than we did.
Five years is an eternity in the fast moving crypto industry. Is it okay to be nostalgic?
We are the oldest still existing crypto startup here in both Zug and in Switzerland, as well as one of the oldest in the world. Many of those who started with us are no longer around today. The industry attracted many enthusiasts, but not necessarily always the most experienced professionals.
Now the landscape is changing, and in the end, providing crypto-financial services is also about a positive bottom line and Bitcoin Suisse managed to have just that.
And how profitable is the company?
We have been profitable since the second year. We will announce our results in the autumn, and despite the slump in the cryptographic markets the profit should be in line with last year - we expect a profit after tax from 2017 in excess of 20 million francs.
At the end of 2017, veteran major bankers such as Urs Bigger and Arthur Vayloyan joined the company. The aim is to establish Bitcoin Suisse as a supplier to the Swiss financial industry. Is the startup groove over now?
Yes, we are no longer a startup. We have introduced all the functions and many of the services you would find in any established financial services company, from finance and risk managers to human resources department, just about everything.
Now we also want to increase staffing levels to keep pace with growth. Bitcoin Suisse currently has around 50 employees in Switzerland and 70 all-together. I expect that by the end of the year we will grow by another 20%.
Wouldn't it be more cautious to wait with employment until the prices of the well-known crypto currencies recover?
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