A report produced by a Swiss venture capital firm found that the value of the fifty largest companies operating in the country’s famous Crypto Valley has increased by 680% since July 2020.
Zug’s Crypto Valley Venture Capital (CV VC) Top 50 report found that the valley’s 50 largest companies rose from $ 37.5 billion in July 2020 to $ 254.9 billion in February 2021.
The report examined companies from the Swiss canton of Zug (AKA Crypto Valley) and found that the number of blockchain companies in the region has increased by 4.4% to 960 since July. Over the same period, the number of digital currency employees in the region increased by 8.5% to 5,184.
The Crypto Valley is now home to eleven crypto unicorns, each valued at over $ 1 billion: Ethereum, Cardano, Polkadot, Aave, Cosmos, Solana, Tezos, Dfinity, Near, Nexo, and Diem (formerly known as Libra).
Despite local concerns that the sector could decline in the face of the coronavirus pandemic, the investigation found that the valley has weathered the crisis. The CEO and founder of CV VC, Mathias Ruch, stated:
“After entering the Corona crisis in March 2020 with certain fears, we are now confident about the future. The positive development was already noticeable in September. New startups are constantly being founded that actively choose Crypto Valley as their home. “
Switzerland has long been a center for blockchain and crypto startups due to the country’s favorable regulations. The report’s author, Ralf Kubli, stated: “Switzerland has one of the most advanced blockchain laws in the world and has thus created a strong and solid foundation for the future prosperity of the Crypto Valley.”
In an announcement made in September 2020, it was announced that Swiss citizens and companies based in Zug will be able to pay up to CHF 100,000 (around USD 108,750) of their taxes in Bitcoin or Ethereum from February 2021.