According to information provided by venture capital firm CV VC, crypto-friendly Switzerland has seen less dramatic results as a result of the recent market downturn.
The “Top 50” survey found that 183 blockchain companies in Switzerland have closed in 2022, while 190 new blockchain startups and offices have been created by companies based in other countries. rice field.
Additionally, the researchers found that Switzerland’s Crypto Valley, headquartered in the canton of Zug, now has about the same number of organizations (1,135) as it did in 2021.
The total number of employees is 5,766, about 4% less than before the crypto winter started.
Swiss crypto industry expands
The regions of Switzerland and Liechtenstein have a fairly strong and even distribution of companies. While platforms make up the bulk of the top 50, the importance of fintech companies cannot be overemphasized.
Despite the continued prominence of cryptocurrency banks, the number of trading and exchange offerings is growing at the same time.
On the other hand, according to the report, Crypto Valley welcomes individuals developing infrastructure such as identity management, as well as those working to improve operational efficiencies in areas such as arts, sports, and media.
According to the researchers’ findings, Switzerland is an exceptional model of consensus-based government, with an inherent tendency towards decentralization.
All levels of government, politics, industry, law firms and academic institutions are united in an atmosphere that fosters mutual cooperation and trust, the report further asserts.
Due to its densely interconnected networks, Switzerland is considered by many to be a prime case study for decentralized systems in the world.
The most prominent Swiss companies to go bankrupt in 2022 are startups FTX Europe and Covario, the latter set up to help other companies manage their cryptocurrency holdings.
The Swiss branch of UK-based cryptocurrency lender Nexo has also been in the spotlight after law enforcement officials raided the company’s Bulgarian offices to investigate possible money laundering. The company is contesting the allegations made against it.
Those building there are aware of where they stand and feel confident going forward when the market gets tough.