Swiss Crypto Valley continues to grow despite continued bearish market sentiments in 2019! The Swiss Alps have been found to be quite hospitable for cryptocurrency companies, and despite the dubbed Crypto Winter, the number of crypto companies only increases. Nearby Lichtenstein is starting to welcome these cryptocurrency companies as well!
This is all despite the continued bearishness and falling prices of cryptocurrencies across the board. The top 50 cryptocurrency companies in Switzerland saw their valuation drop from $44 billion to $20 billion in the last quarter of 2018, according to Crypto Valley Venture Capital (CVVC), PwC, Strategy&, and Inacta, a Swiss IT firm.
Despite the fall in valuation, new companies in the space has increased by 20%, from 629 to 750. Over 120 new crypto companies have registered in Q4 2018. These include some of the world’s most recognizable names in the industry. 4 of them are worth billions of dollars.
The study estimates that the top 50 companies are valued at $400 each, on average. When taking the largest 5 in valuation out of the top 50, that number drops to a still impressive $365 million. The 4 crypto companies valued at over $1 billion include Bitmain, Cardano, Dfinity, and Ethereum. The rest of the companies average a valuation of $27 million.
The Swiss Crypto Valley employs about 3,300 in cryptocurrency space. The atmosphere around this sector in the midst of this crypto winter is described as ‘business as usual’ despite the drop in the market value of many cryptocurrencies.
The Swiss Crypto Valley is also expanding geographically. While 51% of the companies are based in Zug, other Swiss regions are being called home to the cryptocurrency companies. There are businesses popping up in Geneva, Ticino, and Liechtenstein. CVVC provides a helpful online map that tracks where these start-ups are establishing offices.
Cryptocurrency startups are continuing to establish offices and build connections in countries. Malta, Gibraltar, Estonia, The Isle of Man, Switzerland, and Liechtenstein are European jurisdictions that are actively making inroads to create a crypto-friendly business environment. Switzerland has been very successful at this due to the country’s decentralized political system.
What do you think? Do you think we’ll continue to see Swiss dominance in terms of geographical cryptocurrency company locations? Let us know what you think on our Facebook page!
