Everand Logo

Welcome to Everand!

  • Newsweek

    The Swiss Town of Zug Has Become Known As Crypto Valley

    The town of 30,000 has attracted entrepreneurs who have created cryptocurrency startups.
    by Sonia Zhuravlyova Jul 21, 2017 5 minutes
    Dubbed "Crypto Valley," Zug, the tiny Swiss town with million-dollar Alpine views 20 miles south of Zurich, has become a worldwide hub for entrepreneurs working with digital currencies like bitcoin.
    07_21_CryptoValley_01

    In Zug, a tiny Swiss town 20 miles south of Zürich with million-dollar Alpine views, a small machine is doing big things. One of the 10 bitcoin ATMs installed across Switzerland by Zug-based Bitcoin Suisse, the machine accepts Swiss francs and euros in exchange for a slip of paper with a code that represents the equivalent amount in bitcoin. Scan the code with your smartphone, and the currency is yours.

    The ATM isn’t really necessary. Bitcoin has no physical form. Instead, it is made up of lines of computer code conceived in 2009 by a coder working under the pseudonym Satoshi Nakamoto. For those who wish to purchase the digital currency but find the prospect of the transaction difficult to conceptualize without physical proof, the ATM provides a helpful bridge.

    A bitcoin ATM might seem unconventional, but it makes sense in Zug. The town of 30,000 has persistently attracted entrepreneurs who specialize in digital

    You’re reading a preview, subscribe to read more.

    More from Newsweek

    Newsweek1 min readPolitical Ideologies
    Polls Panic
    A soldier guards electoral kits on April 10 ahead of Ecuador’s referendum. Voters go to the polls on April 21 in a bid to reform the constitution and tackle security issues as the country struggles to control organized crime. Mexico has called for Ec
    Newsweek4 min read
    Penn & Kim Holderness
    Newsweek _ What made you want to write this book? Penn Holderness _ You write the book you need. I knew that I needed to write this book when I saw that raising a family added a new level of difficulty to my brain being able to handle multiple tasks
    Newsweek1 min read
    The Archives
    “Fewer than 14 percent of AIDS victims have survived more than three years after being diagnosed, and no victim has recovered fully,” Newsweek reported during the epidemic. AIDS, caused by severe HIV, has no official cure. However, today’s treatment

    Related Books & Audiobooks