Crypto Valley has achieved a valuation exceeding 593 billion, highlighting the rapid expansion of Europe’s blockchain industry in 2024.
According to a recent CV VC Global report, the Switzerland-based blockchain hub, consisting of 50 projects, saw a 55% increase in cumulative valuation over the year. Seventeen platforms became unicorns, with 14 reaching this status through token market capitalization and three through private valuations.
Mathias Ruch, CEO of CV VC, pointed out that the growth of Crypto Valley showcases Switzerland’s significant role in promoting blockchain innovation. He underlined the increasing relevance of blockchain technology, especially as it converges with transformative advancements such as artificial intelligence (AI) and the Internet of Things (IoT).
“A Swiss industry where the Top 50 entities share a valuation of $593 billion and whose funding medians exceed global medians reflects vision and resilience. Switzerland must maintain its edge by fostering a collaborative environment that attracts talent, capital, and transformative projects,”
He stated.
The report emphasizes Crypto Valley’s emergence as a leading European blockchain hub, securing 29.1% of regional blockchain funding with $586 million raised across 56 deals, representing an 8% increase year-over-year, outpacing the global growth rate of 3%. Companies based in Zug were instrumental, contributing 42% of the total investments. The median deal size in the region increased significantly by 70% to $5.6 million, exceeding the global average of $4 million. Centralized financial services led funding at 34%, followed by blockchain networks at 29% and decentralized finance (DeFi) platforms, which saw their share rise to 15%, up from 7% in 2023.
Notably, Switzerland has been ranked as a top global hub for cryptocurrency businesses in 2024, according to a report by Social Capital Markets (SCM). Key factors in this ranking include clear laws, zero capital gains tax, and many registered crypto companies. The country’s progressive approach to blockchain, especially in Crypto Valley, and its strong regulatory framework foster transparency and attract global cryptocurrency companies.
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