The value of cryptocurrency projects based in Switzerland and Liechtenstein increased by 107% year-on-year to $382.93 billion.
According to a January 16 report from Swiss venture capital firm Crypto Valley (CV VC), Ethereum, through the Ethereum Foundation, is currently the most valuable project based in the two countries, with a market capitalization of $273 billion. Followed by Solana with $43.3 billion and Cardano with $20.8 billion. The increase in valuation is mainly due to the dynamics of the overall recovery of the cryptocurrency market.
Despite the recovery of the token market, the global Web3 venture capital landscape has yet to recover. Researchers at CV VC counted 1,031 deals worth $9.8 billion in venture funding for firms in this category, representing declines of 55% and 69% for the same metrics in 2022, respectively. Cryptocurrency companies in Switzerland and Liechtenstein raised $283.5 million through 49 deals in 2023, up from $964.3 million through 93 deals in 2022.
Approximately 5% of all Web3 venture funding now comes from Switzerland and Liechtenstein. In addition, 1,290 Web3 firms are based or have their headquarters in both countries, including such well-known companies as Cosmos, Internet Computer, Near, Polkadot and Solana.
“Each of the 1,290 companies represented here reflects Switzerland's innovative heritage, strengthening the local and global economy,” commented Matthias Ruch, CEO of CV VC. “This report is not about the bulls or the bears, but rather about the builders who are creating reliable systems and a better way for the world to interact and transact.”
Switzerland and neighboring countries are important for blockchain adoption. On December 8, 2023, BBVA Switzerland, the Swiss branch of one of Spain's largest banks, announced that it will use Ripple-owned technology company Metaco's Harmonize platform for its cryptocurrency custody operations with institutional investors. On the same day, the Swiss city of Lugano announced that it was accepting Bitcoin and Tether to pay municipal taxes.
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