It is a small revolution that the Nym project has just realized. To create its French branch, the Swiss crypto company in charge of developing a protocol that strengthens the confidentiality of communications (crypto transactions, instant messaging, etc.) did not open a... bank account!

Instead, she paid bitcoins into a wallet; 8 to be exact (180,000 euros at the current rate).

"The law does not require a bank account when creating a company," explains Alexis Roussel, director of operations at Nym Technologies. "It is quite possible to bring goods in kind instead of euros, which is the case with bitcoin," he insists.

"The law does not require a bank account when creating a company," explains Alexis Roussel, director of operations at Nym Technologies. "It is quite possible to bring goods in kind instead of euros, which is the case with bitcoin," he insists.

A contribution in kind consists, for a partner, in making available to a company an asset that is not a sum of money. It can be a movable or real estate asset. "We worked with a lawyer and a contribution auditor who helped us do this with bitcoin," explains Alexis Roussel.

An apartment, a car, shares or bitcoins, same fight!

In order to prove that the company is in possession of the bitcoins, Nym Suisse performed a cryptographic proof from its wallet to certify that it was indeed its own. The company that raised $50 million in 2022 then sent the 8 bitcoins and provided a new cryptographic proof on the destination wallet created by the French company. The latter is managed by the founders of this entity.

To pay salaries - the state requires them to be paid into a bank account - Nym France will be able to send cryptos to a broker who will send the sum in euros to employees (it has 45 in Switzerland). Same thing for the payment of taxes (although we will have to wait until next year to assess with certainty what the tax authorities think).

For day-to-day business expenses, executives will be able to make expense reports or else rely on alternative solutions like Binance's bank card, which allows for instant conversion of cryptos into traditional currencies upon payment.

"These operations entail additional financial costs and a little more complexity, but it is important that it is possible to exercise total sovereignty over its funds, it is a huge issue," said Alexis Roussel.

In Switzerland, more than 300 companies have used this procedure since 2017 (read our report). Last year alone, 120 companies were created on this model, and more are expected to follow.