The value of cryptocurrency projects in Switzerland and Liechtenstein is worth over $350B, with the largest of them all being the Ethereum Foundation.
As of January 16, a report by the Swiss venture capital firm Crypto Valley (CV VC) indicates that Ethereum, operating under the Ethereum Foundation, is the most valuable project from both nations, boasting a market capitalization of $273 billion.
Solana and Cardano follow with valuations of $43.3 billion and $20.8 billion. The valuation increase is primarily attributable to the recovery of the cryptocurrency market as a whole.
Despite a resurgence in the token market, the worldwide venture capital domain for Web3 has yet to recover fully. Scholars at CV VC have compiled 1,031 venture capital funding transactions worth $9.8 billion for companies in the sector, representing declines of 55% and 69%, respectively, compared to the corresponding figures in 2022.
In 2023, cryptocurrency firms in Switzerland and Liechtenstein completed 49 transactions totaling $283.5 million, up from 93 transactions in 2022 that raised $964.3 million.
Liechtenstein and Switzerland account for about 5 percent of all Web3 venture capital funding. Furthermore, the two countries are home to 1,290 Web3 firms, including notable organizations such as Polkadot, Solana, Internet Computer, Near, and Cosmos.
CEO of CV VC, Mathias Ruch, remarked, “Each of the 1,290 entities here exemplifies Switzerland’s innovative heritage, bolstering local and global economies.” “This report is not about bears or bulls, but rather about the builders delivering dependable systems and improved global interaction and commerce methods.”
Switzerland and its neighboring countries are notable for their substantial implementation of blockchain technology. The Swiss branch of one of the largest Spanish banks, BBVA Switzerland, disclosed on December 8, 2023, that it would utilize the Harmonize platform from Ripple-owned technology firm Metaco for its crypto custody operations with institutional investors. The municipality of Lugano, Switzerland, proclaimed the acceptance of Bitcoin and Tether on the same day.
