Crypto Project Values in Switzerland and Liechtenstein Soar 107% Amid Global Market Recovery
Summary:
Crypto projects based in Switzerland and Liechtenstein have seen a significant increase in value, rising by 107% year-on-year to $382.93 billion. A report by Swiss venture capital firm Crypto Valley (CV VC) highlights that Ethereum, Solana, and Cardano are among the highest valued projects in these regions. Despite the upward trajectory, the global Web3 venture capital landscape is yet to fully recover, with a noted fall in the number of new deals. Switzerland and Liechtenstein host numerous prominent Web3 firms, contributing immensely to local and global economies.
Crypto projects in Switzerland and Liechtenstein saw their value soar by 107% compared to last year, accumulating a worth of $382.93 billion. A report released on January 16, by the Swiss venture capital outfit Crypto Valley (CV VC), unveiled the Ethereum Foundation's ETH as the most valuable project in the region with a market capitalization of $273 billion. Solana trails with $43.3 billion and Cardano comes in third at $20.8 billion. This valuation growth is largely credited to the broader recovery of the crypto market.
Global Web3 venture capital is yet to rebound, despite market improvements for tokens. CV VC researchers revealed 1,031 deals were made, totaling to $9.8 billion in VC funding for firms in this sector. This indicates a fall of 55% and 69% respectively for the same measures in 2022. Crypto firms based in Switzerland and Liechtenstein secured $283.5 million from 49 deals in 2023, a drop from the $964.3 million across 93 deals made in 2022.
CV VC statistics show that 5% of all Web3 venture capital funding is in Switzerland and Liechtenstein. The two nations play host to 1,290 Web3 firms, including high-profile names such as Cosmos, Internet Computer, Near, Polkadot and Solana. Mathias Ruch, CV VC's Chief Executive Officer, expressed that the 1,290 entities attest to Switzerland's innovative prowess, bolstering both local and global economies. He stressed that the focus isn't on market bulls or bears, but on the builders delivering reliable systems bringing transformative ways to interact and transact globally.
Blockchain adoption holds considerable significance in Switzerland and its neighboring countries. BBVA Switzerland, an offshoot of one of Spain's biggest banks, announced its use of Ripple-owned technology firm Metaco's Harmonize platform for cryptocurrency custody operations involving institutional investors on December 8, 2023. The same day, Lugano, a Swiss city, declared that it would accept Bitcoin and Tether as payment methods for municipal taxes.
Published At
1/17/2024 11:15:00 AM
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