Switzerland and Liechtenstein have witnessed an extraordinary 107% increase in the value of their crypto projects, reaching a staggering $382.93 billion. The driving force behind this surge is primarily the Ethereum Foundation, with Ethereum leading the pack with a market cap of $273 billion. Following closely are other major players like Solana, valued at $43.3 billion, and Cardano at $20.8 billion. This remarkable growth is largely attributed to the recovering momentum of the global crypto market.
Despite the upbeat trend in token values, the venture capital scene in the Web3 sector tells a different story. According to research by the Swiss venture capital firm Crypto Valley (CV VC), there has been a significant decline in venture capital funding. The figures show a drop of 55% in deals and 69% in funding compared to 2022. Within Switzerland and Liechtenstein, crypto firms managed to raise $283.5 million in 2023, a notable decrease from the $964.3 million raised the previous year.
The two countries now account for 5% of the global Web3 venture capital investment, with 1,290 Web3 firms either based or headquartered there. This cluster includes notable names like Cosmos, Internet Computer, Near, Polkadot, and Solana. Mathias Ruch, CEO of CV VC, emphasizes the significance of these firms in bolstering both local and global economies, highlighting their role in building reliable systems for better global interaction and transactions.
Further underlining the region’s importance in blockchain adoption, BBVA Switzerland, a branch of one of Spain’s largest banks, recently announced its partnership with Metaco’s Harmonize platform for crypto custody services aimed at institutional investors. Additionally, the Swiss city of Lugano has made a groundbreaking move by accepting Bitcoin and Tether for municipal tax payments. These developments reinforce the region’s status as a pivotal hub for blockchain and cryptocurrency innovation.