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Home»Blockchain»Switzerland: 14 are the cryptocurrency unicorns of 2021
Blockchain

Switzerland: 14 are the cryptocurrency unicorns of 2021

Donald MunnBy Donald MunnJanuary 31, 2022Updated:September 29, 2022No Comments3 Mins Read
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According to the latest data released by Crypto Valley, Switzerland is confirmed to be a truly global hub for the cryptocurrency and blockchain industry in 2021 as well, with no less than 14 companies that can be defined as “unicorns.”

The unicorns of Switzerland’s crypto valley

In fact, the VC Top 50 Report 2021 shows that the Crypto Valley of Switzerland and Liechtenstein is increasingly thriving, thanks to clear and favorable regulations, a decentralized mindset, and a favorable business environment.

There are now no less than 14 companies in the Swiss Crypto Valley that exceed $1 billion in valuation (i.e., “unicorns”), and the top 50 companies by value together are valued at over $611 billion. Just consider that the American Coinbase capitalizes around $50 billion to get the point of reference. 

Compared to December 2020, data as of December 31, 2021, shows a 464% increase in total value, with the number of unicorns nearly doubling. One of these fourteen companies is even a “hectocorn” with a valuation of more than $100 billion, and three are “decacorns” with more than $10 billion. 

Crypto Valley companies

In August last year, Switzerland enacted its own law specifically for DLTs, providing a usual legal basis for digital securities issuance, for example. 

Zug is still the epicenter of Crypto Valley, with 528 cryptocurrency or blockchain companies out of the total 1,128 in the Crypto Valley, employing 6,000 people. Thousands more work for and with these companies remotely from around the world.

The list of the top 50 companies by overall valuation is dominated by protocols, while companies that deal with cryptocurrency banking and financial services (Sygnum, Seba Bank, Bitcoin Suisse), or companies that deal with cryptocurrency technology (Eidoo) also appear to be on the rise. 

In addition to the regulatory environment, the Swiss banking landscape is also helping to operate in this sector, with more and more legacy banks accepting companies operating in cryptocurrency or blockchain markets among their clients. 

To date, Switzerland is actually the only jurisdiction in the world where it is possible to set up a company, bank, pay taxes and hire professional services exclusively using cryptocurrencies.

Mathias RuchMathias Ruch

CEO and founder of CV VC, Mathias Ruch, said: 

“Crypto Valley is not just a ‘place’ but, in fact, a mindset. A mindset driven by a determination to transform the way the world interacts and transacts. It is exciting to show Crypto Valley’s stable of 14 Unicorns to the world and be part of a Swiss industry valued at over half a trillion USD. Comparatively, the largest Swiss companies by market capitalization are valued at $2.2 trillion. Crypto Valley, is closing in at nearly a quarter of this and for similar reasons, both are built with precision and determination. We are also very proud of the many Soonicorns currently grazing in the Alpine hills.” 

The post Switzerland: 14 are the cryptocurrency unicorns of 2021 appeared first on cryptodailynews24.com.

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Donald Munn
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