According to CV VC (Crypto Valley Venture Capital), the first 50 blockchain companies in the Swiss Crypto Valley are worth 40 billion dollars. In addition, in the first six months of 2019 alone, they have doubled their valuations, from $20 billion to $40 billion, thus marking the definitive and obvious end of the so-called crypto winter.
The Crypto Valley ecosystem in Switzerland now includes more than 800 companies active in distributed ledger technologies (DLT) and blockchain – including Eidoo – employing more than 4,000 professionals. Of these, six are unicorns, worth more than $1 billion each.
The previous report already included four unicorns: Ethereum Foundation, Cardano Foundation, Dfinity Foundation and Bitmain Switzerland. Cosmos Network and Polkadot also joined in the second quarter of 2019.
Cvmaps.ch published an updated map with all 803 companies distributed throughout Switzerland, including the Top 50. The areas of Switzerland with the highest concentration of crypto companies are Zug, Zurich, Geneva, Canton Ticino, Liechtenstein and Vaud. The heart, however, remains Zug, where CV VC also has its headquarters, hosting over 50% of all companies and all six unicorns.
In addition, in 2019, Swiss banks operating in the blockchain sector recorded the highest growth of employees in this sector. Many experienced bankers have entered the crypto world, bringing expertise and knowledge with which to provide banking licenses and other approvals to the Swiss Financial Market Supervisory Authority (FINMA). Companies operating in this specific sector may include Bitcoin Suisse, Sygnum, SEBA Crypto and Mt. Gruppo Pelerin.
According to CV VC, the current upward trend in crypto prices has also driven upwards the market capitalisation of the 50 largest blockchain companies in the Crypto Valley, so much so that Mathias Ruch, the founder and CEO of CV VC, said:
“Crypto Winter undoubtedly left a mark on the industry, but companies with strong fundamentals and emerging use cases have significantly increased valuations”.
PwC’s Head Blockchain EMEA and Partner for Financial Services at PwC’s Strategy, Daniel Diemers, commented:
“This development clearly signals increasing maturity in the space and the favorable regulatory and business environment we have here in Switzerland. But this is just the beginning: as the market infrastructure levels up, we will see more and bigger projects develop and grow in the Crypto Valley Switzerland”.