Switzerland and Liechtenstein’s crypto projects value surged to $383B, led by Ethereum, amidst broader market recovery and innovation.
The landscape of cryptocurrency has witnessed a remarkable growth in Switzerland and Liechtenstein, where the combined value of crypto projects has soared to an impressive $382.93 billion. This remarkable surge represents a 107% increase compared to the previous year, positioning these countries as pivotal players in the digital currency market.
Heading the list of high-value projects is the Ethereum Foundation, with its headquarters in Zug, Switzerland. The Ethereum Foundation boasts a market capitalization of $273 billion, making it the most valuable project in the region. Following Ethereum, other significant projects include Solana, valued at $43.3 billion, and Cardano, with a valuation of $20.8 billion. This escalation in worth is largely a consequence of the broader recovery in the cryptocurrency market.
The report from Swiss venture capital firm Crypto Valley (CV VC), released on January 16, highlights these trends. However, despite the positive momentum in token markets, the global Web3 venture capital sphere is experiencing slower recovery. According to CV VC’s research, there were 1,031 venture capital deals in the Web3 category, totaling $9.8 billion. This figure indicates a significant decline of 55% in the number of deals and 69% in funding compared to 2022.
Blockchain Adoption
Switzerland and Liechtenstein, specifically, observed $283.5 million raised through 49 deals in 2023. This is a decrease from the $964.3 million raised through 93 deals in the previous year. Despite this downturn, these two countries account for around 5% of the global Web3 venture capital funding.
The region is home to 1,290 Web3 firms, including major entities such as Cosmos, Internet Computer, Near, Polkadot, and Solana. Mathias Ruch, CEO of CV VC, emphasizes the contribution of these entities to both local and global economies, acknowledging their role in shaping a more reliable and efficient digital transactional world.
Switzerland and its neighboring regions are also significant for their blockchain adoption. Notably, on December 8, 2023, BBVA Switzerland announced the integration of Ripple-owned Metaco’s Harmonize platform into its crypto custody operations for institutional investors. This move signifies the growing acceptance and incorporation of blockchain technologies in traditional banking systems.
Furthermore, the Swiss city of Lugano made a groundbreaking announcement on the same day, declaring its acceptance of Bitcoin and Tether for municipal tax payments. Such developments underscore the expanding influence of cryptocurrencies in mainstream financial systems and the pioneering role of Switzerland and Liechtenstein in embracing and integrating digital currencies into their economies.