$383B crypto projects based in Switzerland and Liechtenstein: report
The value of crypto projects based in Switzerland and Liechtenstein increased by 107% year-on-year to $382.93 billion.
According to a January 16 report by Swiss venture capital firm Crypto Valley (CV VC), Ethereum is currently the most valuable project in the two countries, with a market capitalization of $273 billion, through the Ethereum Foundation. This is followed by Solana at $43.3 billion and Cardano at $20.8 billion. The price increase is mainly due to the recovery speed of the overall crypto market.
Despite the growing market for tokens, the global Web3 venture capital landscape has yet to recover. CV VC researchers analyzed 1,031 deals with $9.8 billion in VC funding for firms in the category, down 55% and 69% for the same metrics in 2022. Crypto companies in Switzerland and Liechtenstein raised $283.5 million in 49 deals in 2023, with $964.3 million in 93 deals in 2022.
About 5% of all Web3 venture capital funds are now located in Switzerland and Liechtenstein. In addition, 1,290 Web3 organizations 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 legacy of innovation, strengthening the local and global economies,” said Matthias Ruch, CEO of CV VC. “This report is not about the bulls or the bears, but rather about the builders of reliable systems and a better way for the world to interact and exchange.”
Switzerland and its surrounding countries are of great importance for blockchain adoption. On December 8, 2023, BBVA Switzerland, the Swiss branch of one of the largest Spanish banks, announced that the technology company owned by Ripple will use the Metaco Harmonize platform for its crypto-protection work with institutional investors. On the same day, the Swiss city of Lugano announced that it would accept Bitcoin and Tether to pay municipal taxes.
Related: Swiss crypto bank Seba switches to Amina brand amid global expansion
