Swiss Crypto Valley Sees 8% Surge of Expansion
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Sept. 14, 2020
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Switzerland's "crypto valley" based in Zug has surged by 8% in the number of companies since February this year, has learned.

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According to the «Top Report», the number of companies over the past 6 months has grown from 842 to 919. However, the number refers also to the whole of Switzerland and Liechtenstein.

"Despite challenging circumstances because of COVID-19, the number of firms in Crypto Valley has increased to 919, and employment reached over 4700 in Switzerland and Liechtenstein," the report states.

Companies which raised substantial amounts include as follows:

  • Bitcoin Suisse AG ($48M);
  • 4ART TechnologiesAG ($45M);
  • METACO SA ($20M);
  • Crypto FinanceAG ($14M);
  • Near Protocol ($12.1M);
  • Taurus GroupSA ($8M);
  • Sygnum Bank AG (undisclosed amount insecond round).

The report highlights that financial services continue to push ahead with a broader adoption of cryptocurrencies and distributed ledger infrastructure, as evidenced by a number of successful funding rounds among Switzerland’s main crypto players.

The surge in the number of crypto-focused companies comes despite the fact in May the canton of Zug decided not to provide the Crypto Valley with a support package.

The Finance Chief of the regional government Heinz Taennler failed to convince the federal government to create a separate fund for the valley of $102.7 million. The fund could consist of private investments, contributions from local authorities and federal guarantees.

Swiss Crypto Bank to Offer Services to Migrant Workers

iHodl previously reported that Sygnum, a Switzerland-based cryptocurrency bank, received an approval from the Swiss Financial Market Supervisory Authority (FINMA) for its digital asset trading facility.

The bank says its trading facility offers investors’ access to new investment opportunities, including instant settlement, the ability to move between fiat, digital CHF (DCHF) and asset token positions in real-time, and the security of bank-grade custody.

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