Switzerland’s Crypto Valley is continuing to grow with its top 50 companies increasing in value by more than $200 billion in less than one year.
It has been reported that the company has revealed that the value of the largest fifty firms operating in the country’s famed Crypto Valley has increased by 680% since July 2020.
However, the Top 50 Report, from Zug‘s Crypto Valley Venture Capital (CV VC) found the valley’s 50 largest companies have increased in value from $37.5 billion in July 2020 to $254.9 billion as of February 2021.
Can the Swiss Crypto Valley give Silicon Valley a run for its money? A report revealed the value of the fifty largest firms operating in the Swiss hub increased by 680% since July 2020. WOW. https://t.co/ZrFOEaz91x — Cointelegraph (@Cointelegraph) March 4, 2021
The report examined firms operating from the Swiss canton of Zug (also known as Crypto Valley) and found the number of blockchain firms in the region increased by 4.4% to 960 since July.
Over the same period, the number of employees hired in the digital currency sector in the region increased by 8.5% to 5,184.
As per the sources, Crypto Valley now hosts eleven crypto Unicorns with a valuation of over $1 billion each: Ethereum, Cardano, Polkadot, Aave, Cosmos, Solana, Tezos, Dfinity, Near, Nexo, and Diem (formerly called Libra).
The research found the valley to have weathered the crisis, despite local concerns that the sector would decline amid the coronavirus pandemic.
Mathias Ruch, the CEO and founder of CV VC, said:
“After entering the Corona crisis in March 2020 with certain fears, we are now confident about the future. The positive development was already apparent in September. New startups are continuously being founded and actively choosing Crypto Valley as their home.”
Likewise, Switzerland has long comprised a hub of activity for blockchain and crypto startups due to the country’s favorable regulations.
Thus, the report’s author Ralf Kubli stated:
“Switzerland boasts one of the world’s most advanced Blockchain legislations and has thus created a strong and solid foundation for the future prosperity of Crypto Valley.”
Source: Cointelegraph | Image: Crypto Valley