Switzerland Is Now ‘Home to 13 Crypto Unicorns’ – Report
Crypto “unicorns” are springing up in Switzerland, with a recent report claiming the nation is now home to 13 token-related firms worth $1 billion or more.
Per a report from PME, the number of unicorns in the crypto sector rose from nine in 2022 to 13 last year.
The media outlet noted that, per CV VC data, the “Swiss-Liechtenstein cryptocurrency ecosystem” now accounts for “4.8% of all global investments in blockchain companies” – a 0.7% rise since 2022.
And blockchain firms are increasingly choosing to set up shop in areas like the “Crypto Valley” in Zug. The media outlet wrote:
“The cantons of Zug, Geneva, and Zurich attracted a combined 81% of the amount raised during 35 crypto start-up financing rounds.”
Zug itself is now home to 512 crypto firms, the report noted, with Zurich hosting 289 companies and Geneva 115.
Dozens of crypto companies have also established headquarters in the cantons of Ticino, Vaud, Bern, Schwyz, Lucerne, and Neuchâtel.
Neighboring Liechtenstein, meanwhile, is also becoming a blockchain hotspot. The country hosts 66 “companies active in crypto.”
Crypto bank Sygnum raised 35 million Swiss francs ($41 million) to fund expansion and acquisition plans https://t.co/1lKTKtepTO
— Bloomberg Crypto (@crypto) January 25, 2024
The influx of crypto-related firms is also helping to boost the economy of both countries, the report noted.
CV VC explained that the market valuation of the 50 largest Swiss and Liechtenstein-based companies has “more than doubled” in the same period “to reach $382.93 billion.”
On LinkedIn, CV VC wrote that there was also bad news for crypto investment in the area, with drops in equity crowdfunding, angel investment, and accelerator/incubator funding. But, the firm wrote:
“Later-stage VC
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