Value of Crypto Projects in Switzerland and Liechtenstein Surges 107% YoY to $382.93 Billion: Report
Switzerland and Liechtenstein’s crypto projects value surged by 107% year-over-year to $382.93 billion, led by Ethereum, amidst broader market recovery and innovation.
According to a report by Swiss venture capital firm Crypto Valley (CV VC), the value of cryptocurrency projects based in Switzerland and Liechtenstein has experienced a significant year-over-year increase of 107%, reaching $382.93 billion.
Ethereum, operated by the Ethereum Foundation, is currently the highest-valued project in these countries, boasting a market capitalization of $273 billion. Solana follows at $43.3 billion, and Cardano at $20.8 billion. The surge in valuation is attributed to the broader recovery of the cryptocurrency market.
Despite the resurgence in the token market, the global venture capital funding landscape for Web3 has not fully recovered. CV VC researchers compiled data indicating 1,031 venture capital funding transactions worth $9.8 billion for Web3 companies globally, representing declines of 55% and 69%, respectively, compared to the corresponding figures in 2022.
In 2023, cryptocurrency firms in Switzerland and Liechtenstein completed 49 transactions totaling $283.5 million, a decrease from 93 transactions in 2022 that raised $964.3 million. The two countries account for about 5% of all Web3 venture capital funding and are home to 1,290 Web3 firms, including prominent organizations such as Polkadot, Solana, Internet Computer, Near, and Cosmos.
In 2019, Liechtenstein became one of the first countries in the world to adopt specific legislation on crypto and blockchain, namely the Token and Trusted Technology Service Providers Act (also known as TVTG or the Liechtenstein Blockchain Act), which has been in force since the beginning
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