Switzerland Is Now ‘Home to 13 Crypto Unicorns’ – Report

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Switzerland Is Now ‘Home to 13 Crypto Unicorns’ – Report
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Crypto “unicorns” are springing up in Switzerland, with a recent report claiming the nation is now home to 13 token-related firms worth $1 billion or more.

Per a report from PME, the number of unicorns in the crypto sector rose from nine in 2022 to 13 last year.

Crypto Unicorns: Switzerland, Liechtenstein Make Moves

The media outlet noted that, per CV VC data, the “Swiss-Liechtenstein cryptocurrency ecosystem” now accounts for “4.8% of all global investments in blockchain companies” – a 0.7% rise since 2022.

And blockchain firms are increasingly choosing to set up shop in areas like the “Crypto Valley” in Zug. The media outlet wrote:

“The cantons of Zug, Geneva, and Zurich attracted a combined 81% of the amount raised during 35 crypto start-up financing rounds.”

 

The Swiss canton of Zug has become a haven for crypto firms and startups. (Source: Roy Egloff [CC BY-SA 4.0])Zug itself is now home to 512 crypto firms, the report noted, with Zurich hosting 289 companies and Geneva 115.

Dozens of crypto companies have also established headquarters in the cantons of Ticino, Vaud, Bern, Schwyz, Lucerne, and Neuchâtel.

Neighboring Liechtenstein, meanwhile, is also becoming a blockchain hotspot. The country hosts 66 “companies active in crypto.”

Crypto bank Sygnum raised 35 million Swiss francs ($41 million) to fund expansion and acquisition plans https://t.co/1lKTKtepTO

— Bloomberg Crypto (@crypto) January 25, 2024

The influx of crypto-related firms is also helping to boost the economy of both countries, the report noted.

CV VC explained that the market valuation of the 50 largest Swiss and Liechtenstein-based companies has “more than doubled” in the same period “to reach $382.93 billion.”

Source: CV VC/MME

On LinkedIn, CV VC wrote that there was also bad news for crypto investment in the area, with drops in equity crowdfunding, angel investment, and accelerator/incubator funding. But, the firm wrote:

“Later-stage VC rounds captured a significant portion of total funding, comprising 20% of deals and securing $139.44 million. This represents a decrease from the $372.82 million raised in 2022. But it highlights sustained investor confidence in mature projects.”

European Nation Attracting Blockchain Entrepreneurs

Switzerland has historically been one of the world’s fastest crypto adoption hotspots. Cities such as Lugano have begun accepting tax payments in coins like Tether (USDT) and Bitcoin (BTC).

Source: CV VC/MME

The Crypto Valley project was launched in 2017. Industry advocates have claimed Switzerland has created a “suitable political and legal framework for growth in blockchain.” Armin Schmid, CEO of Swiss Crypto Tokens, stated in 2019:

“At the core of Switzerland’s ability to proactively develop its blockchain industry has been its decentralized political system.”

The post Switzerland Is Now ‘Home to 13 Crypto Unicorns’ – Report appeared first on Cryptonews.

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