A report by a Swiss venture capital firm found that the value of the 50 largest companies operating in the country’s famous Crypto Valley has increased 680% since July 2020.
A report from the 50 largest companies of Crypto Valley Venture Capital or CV VC in Zug found that the value of the valley’s 50 largest companies increased from $ 37.5 billion in July 2020 to $ 254.9 billion as of February 2021.
The report looked at companies operating in the Swiss canton of Zug (AKA Crypto Valley) and found that the number of blockchain companies in the region has increased by 4.4% to 960 since July. The currency of the region rose 8.5% to 5184 people.
Crypto Valley now hosts eleven unicorns, each valued at more than $ 1 billion each: Ethereum, Cardano, Polkadot, Aave, Cosmos, Solana, Tezos, Dfinity, Near, Nexo and Diem (formerly Libra).
Despite local concerns about the shrinking sector in the midst of the coronavirus pandemic, the study found that the valley has weathered a crisis, with CEO and founder of CV VC Matthias Roach said:
After entering the Corona crisis in March 2020 with certain concerns, we are now confident of the future. The positive development of events was already noticeable in September. New startups are constantly being created and choose Crypto Valley as their home. ”
Switzerland has long been a hub for the start-up of blockchain and crypto due to the favorable rules for the country. Report author Ralph Copley stated: “Switzerland boasts one of the most advanced blockchain laws in the world and has thus created a solid and solid foundation for the future prosperity of Crypto Valley.”
In an announcement issued in September 2020, it was announced that Swiss citizens and businesses based in Zug will be able to pay up to 100,000 Swiss francs (approximately $ 108,750) in their taxes in Bitcoin or Ethereum from February 2021.