Bitcoin Startup SBEX Plans to Tap Into the 22 Billion CHF Swiss Remittance Market

Bitcoin Startup SBEX Plans to Tap Into the 22 Billion CHF Swiss Remittance Market

by September 23, 2015

The Swiss Bitcoin Exchange (SBEX), one of Switzerland’s hottest bitcoin startups, is working on a new blockchain-enabled service that aims to tap into the 22 billion CHF Swiss remittance market, the company announced during a Fintech Forum event.

Called Give It Worldwide (GIW), SBEX’ latest product will enable users to send seamlessly money across the globe. But most importantly, GIW’s key functionality is that it will enable users to directly contact other GIW members who can then act as tellers.

Confused? Here’s how it works: a user sends an amount of money by using either a GIW teller machine, a redeem card, or by accessing the Internet platform or mobile app.

Once the transfer is confirmed and sent, the recipient has several options he or she can choose from to withdraw the funds: use a traditional ATM machine, request a bank transfer, go to any other approved local brokers, OR search on GIW’s app for the nearest GIW user/teller who can fulfill the request and provide the relevant amount against a small commission.

giw remittance

How does it work? – GIW

To make that happen, the startup has developed an Internet platform and a mobile app that feature a map with a listing of other available GIWers in the area, their commission fees, delivery methods as well as their “reputation.”

giw product platform features

Platform features – GIW

That’s not it. The app will also include an address book and a messaging feature that GIWers can use to communicate and make micro transactions in just a few seconds.

Founded in January 2014, local bitcoin startup SBEX is widely known to be the very first cryptocurrency broker to receive approval from the country’s financial markets watchdog, the Swiss Financial Market Supervisory Authority (FINMA).

In addition to operating a cryptocurrency broker, the startup also owns a bitcoin ATM network, an online bitcoin exchange platform called, and is currently working on two other products: GIW and Bity, a personal crypto finance platform.


Bitcoin in Switzerland

Switzerland, which currently hosts some of the most recognized cryptocurrency companies including Xapo, Shapeshift, as well as non-profit organization the Ethereum Foundation, is believed to be one of the pioneers in the bitcoin area.

Many corporations have chosen Zug, also called the “Crypto Valley,” as their main base of their operations.

Sandra Tobler, who currently works for the Swiss Business Hub US, believes that companies are attracted to Zurich specifically as Switzerland is valued for its tradition of international neutrality, national sovereignty and regulatory stability.

Apart from the vibrant startup ecosystem, Switzerland also has some exciting projects on the way. Most recently, several sources in the financial sector reported that discussions have been undergoing with FINMA in order to establish the world’s first “bitcoin bank.”


Image credit: Income from abroad, 

8 Comments so far

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  1. Basketball Stars
    #1 Basketball Stars 6 June, 2022, 04:47

    How is the Bitcoin market today? It’s a really tough problem.

  2. canuckle
    #2 canuckle 13 July, 2022, 11:12

    The answer to this question is a resounding yes. Perhaps a brief pause is in order. Let’s look at it from a different angle: Government-owned company sells virtual currency to Swiss public that promises to replace our financial system with all of its established control mechanisms to ensure price stability, prevent money laundering, terrorist financing and tax evasion.

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    #3 slope 2 unblocked 27 September, 2022, 08:35

    The startup revealed a new blockchain-enabled service at a Fintech Forum event that hopes to get into the 22 billion CHF Swiss remittance sector.

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    Good the article!

  8. Kane Charles
    #8 Kane Charles 5 April, 2024, 10:09

    It appears that SBEX and time calculator is planning to enter the CHF 22 billion Swiss remittance market through a new service called Give It Worldwide (GIW). This could create new and exciting opportunities in the financial and blockchain sectors.

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