Switzerland’s “Crypto Valley” Seeks 100 Million Swiss Franc Fund For Helping The Fintech Companies
Switzerland’s “Crypto Valley” Seeks 100 Million Swiss Franc Fund For Helping The Fintech Companies
April 27, 2020
Switzerland’s “Crypto Valley” Seeks 100 Million Swiss Franc Fund For Helping The Fintech Companies
Switzerland’s “Crypto Valley” Seeks 100 Million Swiss Franc Fund For Helping The Fintech Companies
April 27, 2020

Switzerland’s “Crypto Valley” is seeking a 100 million Swiss franc ($102.7 million) fund from the federal government for helping the fintech companies.

On April 26, it has been reported by Bloomberg that this fund is allocated to bail out the troubled fintech companies.

However, Heinz Taennler, the Cantonal Finance Director, said that the fund would consist of private investments, contributions from local governments, and federal guarantees. 

Currently, the majority of these Bitcoin and blockchain firms are not expected to survive the pandemic, as private equity investors pull out funding.

The report stated:

“Of the biggest 50 companies operating in the region, only half said in a survey that they will make it through the next 12 months under current conditions.” 

Taennler said that last week, the Swiss government announced that it will provide 154 million francs in credit guarantees for startups, but this will prove insufficient.

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As per the report, many startups don’t generate enough revenue to qualify for bank loans under the federal government’s COVID-19 aid package.

Thus, COVID-19 took a huge influence on the Valley’s local crypto ecosystem

Source: Cointelegraph | Image: Pixabay


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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