Crypto Valley defies the Corona Crisis

16. September 2020



  • The latest CV VC Top 50 Report shows that growth has been achieved in all the areas examined. As of June 30, 2020, the effects of COVID-19 are not yet visible.
  • The number of blockchain specialized companies in Switzerland and Liechtenstein increased from 842 to 919 (8.4% growth) in H1 2020. 
  • The companies employ over 4,780 people in Crypto Valley compared to 4,400 (8.6% growth) six months earlier. 
  • The market capitalization of the 50 largest companies increased by $10 billion to $35.5 billion (39% growth). 
  • Crypto Valley counts six Unicorns (companies with a valuation of over 1 billion dollars): Ethereum ($25.3 billion), Cardano ($2.2 billion), Dfinity ($2 billion), Tezos ($1.8 billion), Polkadot ($1.2 billion) and Libra ($1 billion). 


At the beginning of the Corona crisis, it was not clear how the lockdown would affect Crypto Valley and its blockchain companies. Certain observers feared that the prosperous, world-leading blockchain ecosystem could turn into "Death Valley." However, the latest CV VC Top 50 Report shows that these predictions have not come true. On the contrary, Crypto Valley finds itself in a robust, mature state, and has seen notable growth in the first half of 2020.


More companies and more employees in Crypto Valley

The number of companies in Switzerland and Liechtenstein dealing with blockchain technology has increased to 919. At the end of 2019, this number stood at 842. The number of employees has also increased from 4,400 to 4,780 within the same period. There are nine blockchain hotspots in Crypto Valley: the Canton of Zug remains the heart of Crypto Valley with 439 companies, followed by Zurich (161), Liechtenstein (84), Geneva (49), Ticino (44), Neuchâtel and Vaud (28 each), as well as Lucerne and Bern (with 18 each).

According to the CV VC Top 50 Report, the 50 largest Crypto Valley companies have a combined market capitalization of $35.5 billion, $10 billion more than at the end of 2019 ($25.2 billion). A total of six companies currently hold Unicorn status (companies with a market valuation of over $1 billion): Ethereum ($25.3 billion), Cardano ($2.2 billion), Dfinity ($2 billion), Tezos ($1.8 billion), Polkadot ($1.2 billion) and Libra ($1 billion).


Positive development despite the pandemic

"Current developments in Crypto Valley make us confident, despite the Corona pandemic. There is a steady stream of new start-ups that are being founded and moving into Crypto Valley. Further, as established companies increasingly consider blockchain technology, digital assets and crypto currencies as important for their future activities, the quality and maturity of blockchain projects and companies is consistently on the rise," says Mathias Ruch, CEO and founder of the Zug-based investment company CV VC, which publishes the Top 50 Report.

For some start-ups, the reluctance of investors amidst the uncertainty created by the Corona lockdown was a challenge. Nevertheless, substantial amounts of money flowed into the 50 largest companies in Crypto Valley. A number of companies successfully completed substantial financing rounds: Bitcoin Suisse ($48 million), 4ART Technologies ($45 million), Metaco ($20 million), Crypto Finance ($14 million), Near Protocol ($12.1 million), Taurus Group ($8 million), and Sygnum Bank (amount undisclosed).


Excellent operating environment

According to Ralf Kubli, author of the CV VC Top 50 Report, there are various reasons for the growth in Crypto Valley: "Switzerland has excellent regulatory conditions and, as of next year, will have some of the world's most advanced blockchain legislation. This attracts serious entrepreneurs and investors to Crypto Valley. Moreover, leading blockchain protocol developers, such as Ethereum, Cardano or Tezos, are all located in Switzerland. This greatly increases the global appeal of Switzerland as a blockchain ecosystem as well as the general attractiveness of Crypto Valley for entrepreneurs, researchers and investors".


Swiss financial center as innovation driver for blockchain

The Swiss financial center and the boom of the FinTech industry have a significant influence on Crypto Valley. Numerous companies are concerning themselves with the introduction of digital assets, crypto currencies and decentralized infrastructure (storage and processing). It is apparent that clear and liberal regulatory frameworks create advantageous conditions that support innovation within the bustling blockchain ecosystem of Switzerland and Liechtenstein.

It is assumed that the legislative amendments governing the Swiss blockchain space will be implemented as early as the beginning of 2021. Together with the ongoing professionalization and the increasing availability of infrastructure, the blockchain ecosystem will progress to a new stage next year, one that has the potential to position Switzerland as the global leader of a new digital asset industry.

The report can be downloaded here.


About Crypto Valley Venture Capital

The private company, based in Zug, invests in crypto and blockchain companies at all stages of development.

CV VC offers seed funding and a three-month incubator program in exchange for equity or tokens.

CV Labs is a unique co-working space in Zug and Vaduz, tailored to the needs of blockchain companies, that regularly hosts Meetups and networking events. It is an ideal starting point for start-ups participating in the CV Labs incubation program.

The CV Summit brings together innovative startups, industry experts, investors and companies experimenting with distributed ledger technology.

CV Maps is the first online directory of the rapidly growing block chain ecosystem in Crypto Valley. The continuously updated database contains over 840 companies.

For more information please visit


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