$383B worth of crypto projects based in Switzerland and Liechtenstein: Report
The value of crypto projects based in Switzerland and Liechtenstein has increased by 107% year-over-year to $382.93 billion.
According to a Jan. 16 report by Swiss venture capital firm Crypto Valley (CV VC), Ethereum, through the Ethereum Foundation, is currently the highest-valued project based in the two countries, with a market cap of $273 billion. This is followed by Solana at $43.3 billion and Cardano at $20.8 billion. The increase in valuation is mainly due to momentum from the overall crypto market recovery.
Despite a market rebound for tokens, the global Web3 venture capital landscape has yet to recover. Researchers at CV VC have tallied 1,031 deals amounting to $9.8 billion in VC funding for firms in the category, representing 55% and 69% declines for the same metrics in 2022, respectively. Crypto firms in Switzerland and Liechtenstein raised $283.5 million across 49 deals in 2023, compared to $964.3 million through 93 deals in 2022.
Approximately 5% of all Web3 venture capital funding is now in Switzerland and Liechtenstein. In addition, 1,290 Web3 firms are based or headquartered in the two countries, including prominent entities such as Cosmos, Internet Computer, Near, Polkadot and Solana.
“Each of the 1,290 entities here reflects Switzerland’s innovative legacy, fortifying local and global economies,” commented Mathias Ruch, CEO of CV VC. “This report is not about the bulls nor the bears, but rather the builders who are delivering trustworthy systems and a better way for the world to both interact and transact.”
Switzerland and surrounding countries are significant for their blockchain adoption. On Dec. 8, 2023, BBVA Switzerland, the Swiss branch of one of the largest Spanish banks, announced it would use Ripple-owned tech firm Metaco’s Harmonize platform for its crypto custody operations with institutional investors. The same day, the Swiss city of Lugano announced it is accepting Bitcoin and Tether for paying municipal taxes.
Related: Swiss crypto bank Seba rebrands to Amina amid global expansion
