Switzerland’s crypto scene continues to flourish despite global industry turbulences

Last year was a tough year for the global blockchain ecosystem, and its consequences were felt in the Crypto Valley. Despite the challenges, the blockchain industry in Switzerland is thriving. According to the CV VC Top 50, this was due to the 2022 funding rounds and improved valuation for companies. The Top 50 companies have a total value of $185 billion.

The CV VC Top 50 Report by CV VC AG in collaboration with Bank Frick, is a periodical report that analyzes the Top 50 best-performing blockchain projects in Crypto Valley based on market valuation, funding, and the number of employees. Now in its 8th edition, the report highlights Crypto Valley’s diverse blockchain and cryptocurrency ecosystem, which consists of universities, banks, VCs, Technology Solution Providers, Law firms, and more.

Although the crypto market faced some of the toughest challenges in 2022, Switzerland’s performance remained positive. The total number of firms in Crypto Valley grew by 0.6% from 1128 in 2021 to 1135 in 2022. From a geographical point of view, Zug remains the heart of Crypto Valley, with 510 entities based there, followed by Zürich (197), Geneva (70), Ticino (50), Vaud (34), Neuchatel (28), Schwyz 24, Lucerne counts 23 and Liechtenstein (97).

In terms of sectors, the Top 50 startups mainly provide solutions for blockchain technology, especially platforms and protocols, followed by solutions for the blockchain financial industry. The smallest proportion is in the supply chain and transportation sector.

11 companies with more than 20 employees
The total employment by all blockchain entities in Crypto Valley amounts to 5766, a 4% decrease in 2021 (6002). However, employment by the Top 50 firms increased by 24% from 1010 to 1248. With 240 employees in Switzerland, Bitcoin Suisse remains the leading employer among the Top 50, followed by Sygnum, Dfinity, SEBA Bank and Crypto Finance. Companies with at least 20 employees in Switzerland are SwissBorg, Metaco, 21Co, Tezos, Web3 foundation and Cardano. The highest proportion of the Top 50 has less than 20 employees here.

21.Co joins the unicorn club
Last year, the Crypto Valley Top 50 entities in 2022 represent a combined value of $185B, with an equity valuation of $9.7B 2022. This corresponds to a 55% increase ($6.3B) compared to the previous year. The Crypto Valley also got new unicorns, including 21. Co that brought the total number of unicorns to nine.

Newcomers and Dropouts
Last year saw 11 new companies join the Crypto Valley; the newcomers are Auditchain, Bridgetower, Deon digital, HDAC, IAMX, Intmax, Notabene ID, Safe (gnosis), Thorwallet, Validation cloud, Vault Security systems and Wyden. Reasons for the dropout of companies like 4art technologies, Alliance block, Atonymze, Bitmex, Elrond, Icon, lCX, Enzyme, Rizon, Streamr and Utrust were not provided.

Aspirants with the potential to join the top 50
Due to their employee growth, increase in valuation, and contribution to the ecosystem, the CV VC team has evaluated startups with the potential to be included in the list. Among them are Aktionariat, AdHash, smart Valour and some of the companies that dropped out this year.

Download the report from the CV VC resources site.