Taiwan-based cryptocurrency security startup CYBAVO has chosen Luxembourg as its hub for serving European digital asset clients. Roberto Machado, General Manager for Europe, the Middle East, and Africa, shares insights about their relocation, participation in the Fit 4 Start accelerator program, and the support received during their European expansion.
The growing adoption of digital assets like cryptocurrencies has intensified demand for robust security solutions. Founded in 2018, CYBAVO leveraged decades of Taiwanese cybersecurity expertise to build a secure digital asset management platform.
Leader in Digital Asset Security
The company quickly rose to prominence, becoming a top-tier service provider for institutional clients across East and Southeast Asia. Machado explains: "We collaborate with traditional financial institutions—banks, custodians, asset managers—as well as native crypto companies like exchanges and direct digital asset handlers."
Luxembourg’s mature financial sector offers fertile ground for startups to test solutions.
With global ambitions, CYBAVO identified Europe as a strategic market. Machado, a Spanish national fluent in Mandarin after a decade in Taiwan, spearheaded the establishment of their European subsidiary.
Luxembourg: Accessible, Supportive, and Strategic
The Luxembourg Trade and Investment Office (LTIO) introduced CYBAVO to the country’s financial ecosystem, highlighting strengths in asset management, fintech, and blockchain. Sophie Liao, LTIO’s Senior Business Development Specialist, noted: "Luxembourg’s regulatory clarity and industry networks provide ideal conditions for scaling security solutions."
We were impressed by how approachable institutions like the CSSF (financial regulator) were.
LTIO facilitated meetings with key stakeholders, including the LHoFT (Luxembourg House of Financial Technology) and the Ministry of Economy. Machado emphasized: "Regulatory compliance is critical for our industry. The CSSF’s transparency and LTIO’s ongoing support were invaluable."
Strategic Guidance via Fit 4 Start
CYBAVO joined Fit 4 Start, Luxembourg’s flagship accelerator program, receiving tailored mentorship and seed funding. Machado relocated in January 2021 to formalize operations.
Fit 4 Start helped us refine our value proposition and navigate European market nuances.
The program enabled CYBAVO to adapt its messaging, understand regional business dynamics, and develop a market-entry strategy. Machado added: "It connected us to local fintech and cybersecurity ecosystems—a game-changer for our growth."
Rapid Scaling and Future Goals
Today, CYBAVO serves European clients while pursuing a Virtual Asset Service Provider (VASP) license to access Luxembourg’s institutional market. The team has grown from 15 to 40 employees globally, with plans to expand its Luxembourg office from 2 to 5 staff by year-end.
Machado highlights Luxembourg’s inclusivity: "Despite pandemic challenges, the multicultural community made integration seamless."
Liao concludes: "CYBAVO’s success exemplifies how Taiwanese startups can thrive in Luxembourg’s supportive environment."
FAQ Section
Q1: Why did CYBAVO choose Luxembourg for expansion?
A: Luxembourg’s regulatory clarity, financial infrastructure, and LTIO’s support made it ideal for entering the European market.
Q2: What is the Fit 4 Start program?
A: A 6-month accelerator offering funding and mentorship to startups, managed by Luxinnovation.
Q3: How does CYBAVO’s platform enhance crypto security?
A: It provides institutional-grade custody solutions compliant with evolving regulations.
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