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January 17, 2024$383B worth of crypto projects based in Switzerland and Liechtenstein: Report
The crypto industry in Switzerland and Liechtenstein has witnessed remarkable growth, with the total value of projects based in these countries increasing by 107% year-over-year, reaching a market capitalization of $382.93 billion.
Ethereum, through the Ethereum Foundation, stands as the highest-valued project in these countries, boasting a market cap of $273 billion. Following Ethereum are Solana and Cardano, valued at $43.3 billion and $20.8 billion, respectively. This increase in valuation is primarily driven by the overall recovery of the crypto market.|
Venture Capital Dynamics in Web3 Sector
Despite the positive trend in token markets, the global Web3 venture capital landscape is still recuperating. The year 2022 saw significant declines in both the number of deals and the total funding amount. In contrast, crypto firms in Switzerland and Liechtenstein raised a notable amount in 2023, although it was lower compared to the previous year.
The region is home to 1,290 Web3 firms, including major players like Cosmos, Internet Computer, Near, Polkadot, and Solana. Mathias Ruch, CEO of CV VC, highlights the contribution of these entities to both local and global economies, emphasizing their role in building trustworthy systems for better interaction and transaction methods.
Blockchain Adoption in Switzerland and Neighboring Countries
Switzerland and its surrounding areas are key in blockchain adoption. Notable developments include BBVA Switzerland’s announcement of using Metaco’s Harmonize platform for crypto custody with institutional investors and the Swiss city of Lugano accepting Bitcoin and Tether for municipal tax payments.
The significant growth in the crypto sector in Switzerland and Liechtenstein, coupled with the steady presence of major Web3 firms and progressive blockchain adoption strategies, underscores the region’s growing influence in the global crypto and blockchain market. Despite a slowdown in venture capital, these developments indicate a robust and evolving industry.
