Zug, Switzerland. May 14, 2025. Crypto Valley, encompassing all of Switzerland and Liechtenstein has surged by 132% since 2020, now home to 1,749 active blockchain companies.

The newly released CV VC Crypto Valley Company & Industry Report is the only qualified and quantified data-driven study of any global blockchain ecosystem. It offers unparalleled insight into Crypto Valley's evolution, solidifying its position as one of the world’s leading blockchain hubs. The report tracks company growth, sector trends, geographic spread, and legal structures over a five-year period.

• 1,749 active blockchain companies, up 14% YoY and 132% since 2020.
• CAGR of 18.8% from 2020 to 2024.
• All Swiss cantons have blockchain companies. Zug is the nucleus, hosting 41% (719) of all companies. Zurich follows with 15% (264). 
• Ticino (103), Geneva (85), Neuchâtel (85), and Lucerne (72) demonstrate the depth of intensifying national blockchain activity. 
• Liechtenstein continues its rise, now home to 68 companies.

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Growth During Market Cycles & Global Competition

Mathias Ruch, Founder and CEO of CV VC, speaking of the report's findings: “The latest figures highlight how Crypto Valley maintains its leading role in the global blockchain sector. There is no comparable report worldwide that so comprehensively captures the evolution of a blockchain ecosystem. Our report offers insight into the forces shaping Crypto Valley and defining the future of the technology. Over the past five years, Crypto Valley has weathered global challenges, evolved, and diversified while growing at a CAGR of 18.8%. As international competition intensifies, we must continue to adapt, so that Crypto Valley remains the standard for resilience and long-term vision.”

Switzerland and Liechtenstein provide an optimal environment for blockchain entrepreneurs, thanks to their assured legal framework, political stability, and high quality of life. The constant rise in startups and inbound projects reflects the unique proposition. Likewise, industry associations and innovation drivers such as CV Labs are key to this momentum. Hosting 197 blockchain companies, 11% of the entire ecosystem, CV Labs logged 38 new incorporations in 2024, a 124% year-on-year increase, far outpacing the overall Crypto Valley growth rate of 14% and underscoring how focused ecosystem promotion drives growth. 

Industry Breakdown: Infrastructure Leads, Diversity Deepens

A particularly noteworthy aspect is the diversification of the blockchain industry in Crypto Valley. The leading sectors include:

• Infrastructure (20%)
• Financial Services (18%)
• Consulting & Advisory (17%)
• Security, Audit & Compliance (8%)
• GameFi, NFTs & Metaverse (6%)
• Software Development (6%)

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Community & Education, GameFi/NFT & Metaverse, Analytics & Data, DeFi, Exchanges, Staking & Mining, and Custodial services round out the ecosystem with smaller but active shares.

Heinz Tännler, President of the Swiss Blockchain Federation, emphasized: “This report proves that the Swiss blockchain industry is not only nationally relevant but also of global strategic importance. As we enter 2025 in a crucial phase of international competition, the 12-point manifesto of the Swiss Blockchain Federation provides concrete steps to further sharpen Switzerland's competitiveness, particularly in the fintech sector. We are pleased to present this important report together with CV VC. It is a clear signal that Switzerland is ready to shape the future of blockchain technology actively.”

Geographical Trends: Zug Strengthens, Others Rise

Zug’s share of new incorporations jumped from 35% in 2020 to 49% in 2024. Zurich’s dropped from 19% to just over 8%. The overall share of all other cantons remained relatively steady, from 46% to 43%, evidence that Crypto Valley is no longer confined to just Zug and Zurich.

Regional Specialization and Expertise

Zug dominates capital-market structuring and technical operations, hosting 47% of Financial Services and 43% of Infrastructure firms. Emerging regional specializations suggest that founders are selecting locations for their sectoral expertise and deep local networks. Such as: Ticino claims 10% of Consulting incorporations. Basel-Stadt and Basel-Landschaft have over 25% of their entities focused on coding. Geneva leads in Security, Audit & Compliance, with 40% of its firms in this domain. Lucerne stands out in DeFi, hosting over 10% of the sector’s firms.

Legal Structures: Decentralized Models Gain Ground

Corporations (55%) and LLCs (30%) remain dominant, but diversification is growing. In 2024, associations and foundations made up over 20% of new filings, up from 10% of all active entities. These governance-driven models reflect evolving blockchain norms. Liechtenstein continues to offer legal innovation through structures like the Anstalt.