Crypto Valley thriving despite coronavirus crisis

The number of companies in Switzerland and Liechtenstein working on blockchain technologies increased to 919 in the first half of the year. They include six unicorns. The Crypto Valley, of which Zug is the heart, has therefore continued to grow despite the coronavirus crisis.

The canton of Zug is home to 439 blockchain companies and remains  the heart of the Crypto Valley.
The canton of Zug is home to 439 blockchain companies and remains the heart of the Crypto Valley. Image Credit: Zug Tourismus

The investment company CV VC (Crypto Valley Venture Capital) has collaborated with Strategy& and IT partner inacta to publish a new report on the Crypto Valley. This analyzed and lists the most important blockchain companies. The Crypto Valley refers to the blockchain cluster in Switzerland and Liechtenstein.

According to the report, the number of blockchain companies in the Crypto Valley increased from 842 to 919 in the first half of the year. The report also reveals crypto hotspots in the region. The canton of Zug remains the heart of the Crypto Valley and is home to 439 blockchain companies. Other hotspots include Zurich (161 companies), Liechtenstein (84 companies), Geneva (49 companies), Ticino (44 companies), Neuchâtel and Vaud (28 companies each) as well as Lucerne and Bern (18 companies each). The report states that these companies employ 4,784 individuals in total, up from 4,400 employees at the end of 2019.

The top 50 blockchain companies in the Crypto Valley are reportedly valued at around US$ 37.5 billion. At the end of 2019, the comparable valuation was US$ 25.3 billion. The Crypto Valley is home to six unicorns, meaning companies with a market value of more than US$ 1 billion. These are Ethereum (US$ 25.3 billion), Cardano (US$ 2.2 billion), Dfinity (US$ 2 billion), Tezos (US$ 1.8 billion), Polkadot (US$ 1.2 billion) and Libra (US$ 1 billion. Aside from Dfinity and Libra, all these companies are based in Zug.

Some of the top 50 were able to close significant financing rounds in the first half of 2020. Bitcoin Suisse from Zug raised US$ 48 million, while 4ART Technologies from Steinhausen ZG received US$ 40 million and Metaco from Lausanne got US$ 20 million.

According to the report, one reason for the great success of the Crypto Valley is that it offers “the world’s leading regulatory framework and legal basis” for blockchain in Switzerland. The proximity to the world’s leading universities also plays an important role.

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