Crypto projects based in Switzerland and Liechtenstein have experienced a remarkable surge in value, with a 107% year-over-year increase to reach $383 billion, according to a report by Swiss venture capital firm Crypto Valley (CV VC). Ethereum, through the Ethereum Foundation, leads the pack with a market cap of $273 billion, followed by Solana at $43.3 billion and Cardano at $20.8 billion. This growth is largely attributed to the overall recovery in the crypto market.
However, the global Web3 venture capital landscape is yet to fully recover. CV VC researchers counted 1,031 deals amounting to $9.8 billion in VC funding for Web3 firms in2023, representing a significant decline compared to 2022. In Switzerland and Liechtenstein, crypto firms raised $283.5 million across 49 deals in2023, compared to $964.3 million through 93 deals in2022.
Despite the funding decline, Switzerland and Liechtenstein remain important players in the Web3 space, attracting approximately 5% of all Web3 venture capital funding. Over 1,290 Web3 firms are based or headquartered in these two countries, including prominent entities like Cosmos, Internet Computer, Near, Polkadot, and Solana.
Mathias Ruch, CEO of CV VC, emphasized the innovative legacy of Switzerland and the role of these firms in strengthening local and global economies. Switzerland and surrounding countries are known for their blockchain adoption. The city of Lugano started accepting Bitcoin and Tether for municipal tax payments.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.