The Top Firms in Crypto Valley Have Increased Their Valuation By 680% since Mid-2020
Bitcoin Enthusiast - Luke
Given the Covid-19 pandemic, Switzerland's Crypto Valley continues to expand, with its top 50 firms rising in size by more than $200 billion in less than a year.
The study collected by the Swiss venture capital group has shown that the valuation of the largest fifty companies working in the country's famous Crypto Valley has risen by 680% since July 2020.
The Top 50 Study, taken from Zug's Crypto Valley Venture Capital or CV VC, showed that the Valley's 50 biggest firms increased in size from $37.5 billion in July 2020 to $254.9 billion in February 2021. The study analysed companies working in the Swiss canton of Zug (AKA Crypto Valley) and revealed that the proportion of blockchain firms in the area has risen from 4.4% to 960 since July.
Over the same time, the number of workers employed in the digital currency industry in the area rose by 8.5% to 5.184.
Despite local fears that the sector will collapse because of the coronavirus pandemic, the study showed that the valley had endured the crisis, with Mathias Ruch, CEO and founder of CV VC, asserting stated that "New start-ups are continuously being founded and actively choosing Crypto Valley as their home."
Switzerland has long become a centre of operation for blockchain and crypto start-ups thanks to the country's friendly regulations. The author of the paper, Ralf Kubli, said: "Switzerland boasts one of the world's most advanced Blockchain legislations… Created a strong and solid foundation for the future prosperity of Crypto Valley."
The news in September 2020 announced that Swiss residents and businesses headquartered in Zug will be capable of paying up to CHF 100 000 (approximately $108,750) of their taxes in Bitcoin or Ethereum from February 2021.
If you are unsure on how to trade cryptocurrency, check our “coin trading” guide to begin crypto trading today.