A recent report highlights the substantial growth and influence of Crypto Valley, a prominent web3 and blockchain hub located in Switzerland. The analysis focuses on the ecosystem, venture funding, and sector insights within Crypto Valley, demonstrating significant expansion amid the global crypto market’s recovery in 2023.
According to the report, the top 50 entities in Crypto Valley experienced a remarkable surge, doubling their combined value to $382.93 billion in 2023. The region now houses 1,290 companies, marking a 13.6% increase from the previous year, with nearly 40% of them based in Zug, the central hub of Crypto Valley.
The crypto hub boasts 13 unicorns, a 44% rise from previous figures, with ten achieving unicorn status based on token market cap and three through market valuation. In comparison, a PWC Global report in 2022 identified 48 unicorns globally in the crypto industry, with the United States hosting 26 of them.
The data from the report underscores Crypto Valley’s impact across diverse sectors, excelling in blockchain networks (34%), financial services (26%), data management (16%), and infrastructure (14%). Notably, five new entries have swiftly joined the top 50 firms.
Among the noteworthy entities in Crypto Valley’s top 50 are blockchain-focused protocols like the Cardano Foundation and Ethereum Foundation, crypto exchange and lending protocols such as Nexo, and Metaco, a custody solution owned by Ripple.
Despite facing challenges typical of the crypto industry, such as financial risks and regulatory uncertainties, Crypto Valley has garnered growing attention. The hub witnessed an uptick in venture funding, securing 4.8% of all global blockchain venture deals, a 17% increase, and commanding 20.4% of all European blockchain deals.
Last year, blockchain-focused firms in Crypto Valley secured 10% of global venture funding and contributed to 19% of deals in Europe, with major contributions from Zug, Geneva, and Zurich. The favorable regulatory environment in Switzerland continues to attract crypto and blockchain entities, exemplified by the TON Foundation’s launch as a non-profit in September. Additionally, Lugano, in Southern Switzerland, announced plans to accept Bitcoin and other cryptocurrencies for tax payments last month.
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