A new report shows that Crypto Valley’s five-year combined growth rate reaches 18.8%, leaving Zug with a hub of 1,749 Swiss blockchain companies.
Crypto Valley, the blockchain hub covering Switzerland and Liechtenstein, has grown 132% since 2020 and currently includes 1,749 active companies.
The report shows that the number of blockchain companies in Zug has increased by 14% over the past year, bringing its share to over 40% of all web3 companies. Zurich is next at 15%, with areas such as Ticino, Geneva and Lucerne growing steadily.
Swiss crypto companies are Category | Source: CV VC
You might like it too: Swiss International Grocery Chain Spur Pilot Bitcoin Payment
Mathias Ruch, CEO of CV VC, said the latest figures “emphasize how Crypto Valley maintains a leading role in the global blockchain sector,” saying, “In the past five years, Crypto Valley has overcome, evolved and diversified global challenges while growing at a CAGR of 18.8%.”
Infrastructure and financial services are the largest sectors in Crypto Valley, accounting for 20% and 18% respectively, followed by consulting and advisory at 17%. Commenting on the findings of the report, Heinz Turnler, president of the Swiss Blockchain Federation, said the data “proves that the Swiss blockchain industry is not only related nationwide, but also of global strategic importance.”
Legal structures are also changing. Most businesses are still businesses or LLCs, but the associations and foundations account for more than 20% of new submissions in 2024.
read more: The United Arab Emirates and Switzerland lead the way as the best places without crypto tax, according to research