Crypto Valley's top companies up 680% in value since mid-2020

Published at: March 4, 2021

A report compiled by a Swiss venture capital company has revealed that the value of the largest fifty firms operating in the country’s famed Crypto Valley has increased by 680% since July 2020.

The Top 50 Report, from Zug's Crypto Valley Venture Capital, or CV VC, found the valley’s 50 largest companies have increased in value from $37.5 billion in July 2020 to $254.9 billion as of February 2021.

The report examined firms operating from the Swiss canton of Zug (AKA Crypto Valley) and found the number of blockchain firms in the region increased by 4.4% to 960 since July. Over the same period, the number of employees hired in the digital currency sector in the region increased by 8.5% to 5,184.

Crypto Valley now hosts eleven crypto Unicorns with a valuation of over $1 billion each: Ethereum, Cardano, Polkadot, Aave, Cosmos, Solana, Tezos, Dfinity, Near, Nexo, and Diem (formerly called Libra).

Despite local concerns that the sector would decline amid the coronavirus pandemic, the research found the valley to have weathered the crisis, with CEO and founder of CV VC, Mathias Ruch, stating:

“After entering the Corona crisis in March 2020 with certain fears, we are now confident about the future. The positive development was already apparent in September. New startups are continuously being founded and actively choosing Crypto Valley as their home.”

Switzerland has long comprised a hub of activity for blockchain and crypto startups due to the country's favorable regulations. The report’s author, Ralf Kubli stated: “Switzerland boasts one of the world's most advanced Blockchain legislations and has thus created a strong and solid foundation for the future prosperity of Crypto Valley,”

In a September 2020 announcement, it was revealed that Swiss citizens and companies based in Zug will be able to pay up to 100,000 CHF (around $108,750) of their taxes in either Bitcoin or Ethereum from February 2021.

Tags
Blockchain
Switzerland
Related Posts
Blockchain-based agri-commodity trading to tap world’s largest wheat market
Following two years of pilot testing, a blockchain trade and financing platform for global agricultural trading has seen its commercial rollout from Swiss developer Cerealia SA. The launch follows extensive prelaunch trial implementation with firms from Algeria, Brazil, Dubai, Japan and Ukraine. In November 2018, Cointelegraph reported on the platform’s early use to conduct a pilot transaction of Black Sea wheat from the Russian port city of Novorossiysk. Cerealia told reporters that it has sought to address the need for a fast trading platform in the global Russian wheat market and to combine this with a more reliable, transparent and …
Blockchain / Nov. 10, 2020
Major Swiss Banking Firm Julius Baer Launches Services for Cryptocurrencies
Major Swiss private banking and wealth management group Julius Baer has launched a digital assets trading and custodial service via a partnership with regulated crypto-specialist Seba. Julius Baer announced its new digital assets offering on Jan. 21, the result of its 2018 minority equity stake acquisition and later partnership with crypto startup Seba Bank AG in February 2019. Seba, which was founded in April 2018 by former UBS bankers, was granted a securities dealer and banking license by the Swiss Financial Market Supervisory Authority, known as FINMA, in August 2019. According to Julius Baer’s announcement, the firm’s entry into the …
Adoption / Jan. 27, 2020
Cybersecurity, Blockchain Firm WISeKey Acquires Interest in Data Infrastructure Firm
Switzerland-based blockchain, Internet of Things (IoT) and cybersecurity firm WISeKey has acquired a 22 percent interest in American data infrastructure firm Tarmin through a multi-million USD transaction, exact amount unspecified. The news was revealed in an official announcement from WISeKey on April 3. WISeKey focuses on creating digital identity ecosystems that implement blockchain, AI and IoT technology for people and smart device, while Tarmin develops scalable data and software defined infrastructure for high-volume data management and secure storage. WISeKey’s agreement to acquire a 22 percent interest in the latter had been signed in the fall of last year. The investment …
Decentralization / April 3, 2019
Blockstream, Swiss IT Consulting Firm Sign MoU for Blockchain Integration Services
Global blockchain company Blockstream has partnered with а Swiss crypto consulting firm to launch a blockchain-driven settlement network, according to a press-release Dec. 17. Inacta AG and Blockstream have reportedly recently signed a Memorandum of Understanding (MoU) to provide integration services for Liquid — a sidechain solution launched by Blockstream in October. Liquid reportedly combines key features of public and permissioned blockchains, allowing for the issuance and transfer of different crypto tokens. As per inacta AG’s release, the company will focus on “helping financial institutions to leverage the benefits of the Liquid blockchain.” The Swiss firm will provide support for …
Blockchain / Dec. 20, 2018
Swiss National Bank Board Director: Central Banks’ Interest in Issuing Crypto Has Waned
Thomas Moser, a board director at the Swiss National Bank (SNB), believes that central banks’ interest in developing central bank-issued digital currencies (CBDCs) has now waned, Business Insider reports today, June 23. Moser told Business Insider at this week’s Zug Crypto Valley Conference that although there was initial interest among central banks in issuing CBDC or a national cryptocurrency, “enthusiasm has slowed again because of the implications it would have for financial stability:” "The whole technical issue, which excited everyone, really takes second place to this conceptual policy issue. The mood now is: everyone is monitoring it, some are experimenting …
Blockchain / June 23, 2018