{"id":89862,"date":"2024-02-20T22:16:44","date_gmt":"2024-02-21T03:16:44","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89862"},"modified":"2024-02-20T22:16:45","modified_gmt":"2024-02-21T03:16:45","slug":"switzerland-is-now-home-to-13-crypto-unicorns-report","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89862","title":{"rendered":"Switzerland Is Now \u2018Home to 13 Crypto Unicorns\u2019 \u2013 Report"},"content":{"rendered":"
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Crypto \u201cunicorns\u201d 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.<\/p>\n

Per a report from PME, the number of unicorns in the crypto sector rose from nine in 2022 to 13 last year.<\/p>\n

Crypto Unicorns: Switzerland, Liechtenstein Make Moves<\/h2>\n

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The media outlet noted that, per CV VC data, the \u201cSwiss-Liechtenstein cryptocurrency ecosystem\u201d now accounts for \u201c4.8% of all global investments in blockchain companies\u201d \u2013 a 0.7% rise since 2022.<\/p>\n

And blockchain firms are increasingly choosing to set up shop in areas like the \u201cCrypto Valley\u201d in Zug. The media outlet wrote:<\/p>\n

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\u201cThe cantons of Zug, Geneva, and Zurich attracted a combined 81% of the amount raised during 35 crypto start-up financing rounds.\u201d<\/p>\n

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The Swiss canton of Zug has become a haven for crypto firms and startups. (Source: Roy Egloff [CC BY-SA 4.0])<\/figcaption><\/figure>\n

Zug itself is now home to 512 crypto firms, the report noted, with Zurich hosting 289 companies and Geneva 115.<\/p>\n

Dozens of crypto companies have also established headquarters in the cantons of Ticino, Vaud, Bern, Schwyz, Lucerne, and Neuch\u00e2tel.<\/p>\n

Neighboring Liechtenstein, meanwhile, is also becoming a blockchain hotspot. The country hosts 66 \u201ccompanies active in crypto.\u201d<\/p>\n

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

\u2014 Bloomberg Crypto (@crypto) January 25, 2024<\/a><\/p>\n<\/blockquote>\n

The influx of crypto-related firms is also helping to boost the economy of both countries, the report noted.<\/p>\n

CV VC explained that the market valuation of the 50 largest Swiss and Liechtenstein-based companies has \u201cmore than doubled\u201d in the same period \u201cto reach $382.93 billion.\u201d<\/p>\n

Source: CV VC\/MME<\/figcaption><\/figure>\n

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:<\/p>\n

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\u201cLater-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.\u201d<\/p>\n<\/blockquote>\n

European Nation Attracting Blockchain Entrepreneurs<\/h2>\n

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Switzerland has historically been one of the world\u2019s fastest crypto adoption hotspots. Cities such as Lugano have begun accepting tax payments in coins like Tether (USDT) and Bitcoin (BTC).<\/p>\n

Source: CV VC\/MME<\/figcaption><\/figure>\n

The Crypto Valley project was launched in 2017. Industry advocates have claimed Switzerland has created a \u201csuitable political and legal framework for growth in blockchain.\u201d Armin Schmid, CEO of Swiss Crypto Tokens, stated in 2019:<\/p>\n

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\u201cAt the core of Switzerland\u2019s ability to proactively develop its blockchain industry has been its decentralized political system.\u201d<\/p>\n<\/blockquote><\/div>\n