Statue Found in Pieces

The statue was retrieved from the lake in several broken parts by Lugano city workers, indicating the event may have been an act of vandalism rather than theft. It was noted that the statue had only been welded to the base at two points on its feet, making it relatively easy to detach. Following its disappearance, Satoshigallery offered a reward of 0.1 BTC (approximately $11,000) to anyone who could help recover it.

“You Can Steal Our Symbol, But Never Our Soul”

Created by Italian artist and Bitcoin advocate Valentina Picozzi, the statue was unveiled in October 2024 and had since become a strong emblem of the Bitcoin community. According to the artist, the planning and construction of the statue took a total of 21 months. The attack drew strong reactions from the community. Pointsville CEO Gabor Gurbacs expressed his frustration on X, stating, “Such a tasteless and foolish act… I hope the perpetrators are caught.”

Some users speculated that intoxicated individuals during the August 1st Swiss National Day celebrations might be responsible for the vandalism. Bitcoin advocate Gritto shared a similar opinion. Tether CEO Paolo Ardoino responded to the statue’s recovery with just a heart emoji. Satoshigallery, on the other hand, released a resilient message saying, “You can steal our symbol, but never our soul.” The collective also reaffirmed its commitment to placing similar statues in 21 locations around the world.

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Bitcoin Payment at Checkout

The payment system has also been featured on BTC Map, a platform that lists businesses accepting BTC payments. DFX Swiss, a Switzerland-based payment firm managing the process, announced on April 17:

“This Spar location is one of the first supermarkets where you can pay directly at the checkout using Bitcoin. Thanks to our new #OpenCryptoPay solution, you can now make BTC payments through LNURL.”

The OpenCryptoPay system is an open-source P2P payment standard developed for in-person cryptocurrency transactions.

Switzerland Leading in Crypto Payments

Switzerland has long been considered one of the most crypto-friendly countries in Europe. In 2023, the city of Lugano began accepting Bitcoin and Tether (USDT) for all municipal payments.

According to BTC Map data, there are currently 1,013 stores and businesses in Switzerland accepting Bitcoin payments.

Major Retail Chain Expands into Crypto Payments

Spar, a global supermarket chain with over 13,900 stores in 48 countries, serves approximately 14.7 million customers daily. By introducing Bitcoin as a payment option, the company is helping to further establish cryptocurrency legitimacy on a global scale.

Seamless Bitcoin Payment via QR Code

One of the biggest criticisms in the crypto world is the complexity of user experience. However, the system at the Spar store in Zug challenges this notion. Rahim Taghizadegan, director of Bitcoin Association Switzerland, explained the payment process on April 16:

“Simply scan a static QR code, send the sats, and the cashier immediately registers the payment. If enough demand exists, it could be rolled out nationwide.”

Taghizadegan mentioned using Phoenix Wallet for the Lightning Network, but noted that other wallets also work seamlessly.

Switzerland’s Growing Blockchain Ecosystem

Switzerland’s blockchain ecosystem, known as Crypto Valley, saw a 55% growth in 2024, reaching a valuation of $593 billion. Among the 50 regional companies, 17 have reached unicorn status, valued at over $1 billion.

Prominent projects within Crypto Valley include Ethereum, Cardano, and the Casper blockchain.

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Sygnum plans to use this investment to expand into new regions, develop Bitcoin (BTC)-focused products, and pursue strategic acquisitions. The company also aims to expand into the European Union and the European Economic Area, as well as establish a regulated presence in Hong Kong.

Fulgur Ventures stands out as one of the key investors in this growth round, known for backing major platforms such as Blockstream.

In addition to Fulgur Ventures, other strategic and financial investors, as well as Sygnum’s co-founders, board members, and team members, participated in the funding round. The company still retains majority control over its shares.

Massive Surge in Crypto Trading Volume in 2024

Sygnum experienced over a 1,000% increase in trading volume in 2024 compared to the previous year, largely driven by its collaboration with the Swiss state-owned bank PostFinance.

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Sygnum also achieved significant success through its partnerships with AsiaNext digital asset exchange and Hidden Road, using its 24/7 multi-asset settlement network, Sygnum Connect. More than 20 banks the company partners with provide regulated crypto services to a third of Switzerland’s population.

Sygnum’s CEO Mathias Imbach stated that the unicorn status validates the company’s business model but expressed concerns that Switzerland is losing its status as a major digital asset hub: “Switzerland is losing its competitive edge compared to other jurisdictions. We must not ignore the importance of continuous innovation in the financial sector.”

Imbach added, “Sygnum’s mission is only at the very beginning,” highlighting the company’s future innovative steps.

About Sygnum

Founded in 2017, Sygnum holds a banking license in Switzerland and capital market services and major payment institution licenses in Singapore. The company has over $5 billion in client assets and received $40 million in investment from Azimut Holding, an Italian asset management group, last year.

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Championing Sovereignty Through Bitcoin

Yves Bennaïm, the founder of 2B4CH, states that Bitcoin plays a critical role in Switzerland’s financial system, which is responsible for its sovereignty and neutrality; this is particularly essential in times of global instability. He told NZZ that the organizational groundwork for the petition process had already begun.

The Swiss National Bank Faces Pressure

Luzius Meisser, the president of Bitcoin Suisse, is collecting signatures for this request. He suggests that adopting Bitcoin as its reserve currency would not only mean freedom from the European Central Bank but also give the Swiss banking sector its reputation for neutrality. Meisser goes a step further by allocating a future event with the Swiss National Bank, where he will outline the benefits of Bitcoin integration, buttressing the stats indicating as such.

A Tale of Missed Opportunities and Future Prospects

Even though the SNB had taken various steps to influence their decision earlier, including purchasing a substantial quantity of bitcoin around the end of 2022, the central bank was still skeptical. Contrarily, supporters such as Meisser believe that warning against this would only be at the expense of Switzerland in the long run if other countries continued with Bitcoin acquisitions.

Hope Amid Regulatory Shifts

Leon Curti, the CEO of Digital Asset Solutions, is also optimistic about Bitcoin after the approval of Bitcoin exchange-traded funds (ETFs) in the US and Hong Kong. He thinks that those developments might cause the bank to review its position concerning Bitcoin investments.

International Support and Remaining Hurdles

Swiss politician and Bitcoin fanatic Joana Cotar praised the measure as a step towards personal financial freedom that is largely endorsed by crypto fans the world over. But there are difficulties too that must be overcome by the campaign team to get 100,000 Swiss citizens’ signatures within only 18 months.

The post Swiss Bitcoiners Rally for National Reserve Reform: A Bid for Bitcoin appeared first on Coin Engineer.

Documents filed in Wilmington, Delaware bankruptcy court reveal that FTX determined no viable buyers existed for its European subsidiary, FTX Europe. The settlement, deemed the optimal outcome for FTX creditors, brings an end to a dispute over alleged misuse of FTX customer funds in the acquisition.

FTX had initially sued the founders of Digital Assets DA AG, based in Zurich, Switzerland, now FTX Europe, citing a substantial overpayment for a company that was not fully operational at the time of purchase. The defendants, including DA AG founders Patrick Gruhn and Robin Matzke, denied these claims and counter-sued FTX for $256.6 million.

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FTX cited the high costs and time investment of litigating these claims, particularly as key witnesses like FTX founder Sam Bankman-Fried faced legal issues, as reasons for pursuing the settlement. Matzke expressed satisfaction with the resolution, emphasizing support for prompt payouts to EU clients amidst FTX’s troubled international expansion.

In addition to this settlement, FTX has pursued legal action against various entities, including a former FTX lawyer, founders of Embed stock trading platform, bankrupt crypto firms, and investment firm K5, known for its political and celebrity ties.

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