• Switzerland is weathering the current crypto industry downturn relatively well.
• Data compiled by the venture capital firm CV VC shows that the Swiss Crypto Valley, centered in the canton of Zug, now has approximately the same number of entities as in 2021 — currently 1,135.
• 183 Swiss blockchain businesses went bust last year, but 190 startups and foreign companies opened new offices.
The global crypto industry has been experiencing a rough patch lately, with major players like Coinbase and Genesis announcing layoffs, and platforms like FTX and Terra-luna ecosystem collapsing. Despite the market downturn and the associated losses for investors, customers, and companies, Switzerland seems to be relatively unaffected by the crypto winter.
Data compiled by the venture capital firm CV VC reveals that the number of entities in the Swiss Crypto Valley, centered in the canton of Zug, is approximately the same as it was in 2021 – currently 1,135, and employing 5,766 people. The number of people employed is only 4% lower than before the crypto winter started.
While 183 Swiss blockchain businesses went bust last year, 190 startups and foreign companies opened new offices in the country. This suggests that the Swiss are maintaining their enthusiasm for the digital asset industry and that the country is still a desirable place for crypto businesses to settle.
Notable Swiss-registered companies that failed to survive the crypto winter include FTX Europe and the crypto asset manager Covario. Meanwhile, none of the other big names has admitted to being severely impacted by the ongoing volatility in the sector.
One of the reasons for Switzerland’s relative immunity from the crypto industry crisis might be its attitude towards the sector. While other countries have adopted a more cautious approach, the Swiss have been actively encouraging the development of crypto businesses in the country.
However, the future of the crypto industry is still uncertain. While the data shows that the number of entities in Switzerland’s Crypto Valley has remained steady, it remains to be seen whether or not the country will be able to weather the storm in the long run.