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July 16, 2024
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Press release

Switzerland’s Crypto Valley Top 50 Surges with a 106% Valuation Increase to $382.93 Billion

Davos, Switzerland, Jan 17, 2023 - CV VC AG proudly presents the 9th edition of the Top 50 Report, the “Annual Report” of the world's leading Web3 and blockchain hub, ‘Crypto Valley’. The CV VC Top 50 Report meticulously captures and quantifies the ecosystem, utilizing a refined methodology to identify the Top 50 entities. Aligned with a commitment to providing clarity in charting this dynamic industry, it delves into venture funding activity for the 2023 calendar year, comparing Crypto Valley data to that of Global and European venture funding. The report highlights the deeper foundational factors, regulatory perspective, building blocks, and globally focused impact activities of Crypto Valley pioneers.

Global Impact: In 2023, Crypto Valley, spanning Switzerland and Liechtenstein, thrives with assured regulation and a resolute decentralized approach. The CV VC Top 50 Report 2023 published in partnership with MME, underscores the region's pivotal role as its incumbent blockchain sector evolves into a multi-billion dollar landscape, extending beyond its Swiss origins and impacting globally.

Key Findings:

  • Crypto Valley Top 50 experiences a 106% valuation surge, reaching $382.93billion.
  • Crypto Valley now counts 1290 companies, a 13.6% increase, with nearly 40% located in Zug.
  • 13 Unicorns, 10 by token market cap, and 3 by market valuation, a 44% increase.
  • 47 blockchain startups in Crypto Valley raised $283.5m.

Sector Insights:

  • Blockchain networks (34%) and financial services (26%) dominate, followed closely by data management (16%) and infrastructure (14%).
  • There’s a notable rise of DeFi, Gaming, and other Web3 companies, with 5 making it into the Top 50 for 2023.

Notable Venture Funding Facts:

  • Crypto Valley remains at parity with the global average deal count change, outperforming the European continent.
  • Crypto Valley represents 4.8% of all global blockchain venture deals, up from 4.1%.
  • Crypto Valley secures an all-time high of 20.4% of European blockchain deals, up from 17.9%.
  • Blockchain businesses in Crypto Valley account for 10% of all venture funding and 19% of all venture deals in the region in 2023.
  • Zug, Geneva, and Zurich contribute 81% of all blockchain startup venture funding in Crypto Valley across 35 deals, with Zug leading at 17 deals.

Mathias Ruch, Founder & CEO of CV VC, stated, “At CV VC and together with our ecosystem pillar, CV Labs, we applaud the innovators of Crypto Valley and the globally interconnected network shared, who should take pride in their Top 50 $382.93b valuation, which truly reflects the resilience of our ecosystem particularly during a difficult year globally. Each of the 1,290 entities here reflects Switzerland's innovative legacy, fortifying local and global economies. Blockchain is a solution. It stabilizes and delivers efficiencies and resilience, factors that our turbulent world and systems require right now. This report is not about the bulls nor the bears, but rather the builders who are delivering trustworthy systems and a better way for the world to both interact and transact.

Crypto Valley spearheads the advancement of decentralized, trust-based systems through blockchain technology and infrastructure initiatives, driving technology for a world without economic borders. Beyond its stable of 13 Unicorns, newly arrived businesses and associations such as DAO Swiss will join the 1,290 industry entities building the future. Meanwhile established players' recent fundraises, such as by Gentwo, Swissborg, and Taurus showcase the sector's steady growth. Swissborg operates a community-centric cyber bank platform, and Taurus enables financial institutions to tokenize various assets. Gentwo focuses on securitizing both bankable and non-bankable assets, expanding the investment universe. In one of the largest deals globally, Metaco, the Swiss digital assets custody firm was acquired by Ripple, a US company. New blockchain Unicorns such as Hedera and Copper stand out for their unique contributions, offering efficient and secure solutions in distributed ledger technology and digital asset infrastructure, respectively.

Concluding, Thomas Linder, Tax Partner of MME added, “Crypto Valley stands as a beacon of innovative technological expertise, offering a secure foundation in regulatory, banking, legal, and business infrastructure. Switzerland and Liechtenstein uniquely enable startup ventures underscoring the region's commitment to those brilliant minds who are rebuilding trust, and fostering the growth of emerging blockchain technologies and the Web3 ecosystem.

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