The Crypto Valley in Switzerland and Liechtenstein added 121 new companies in 2018, bringing the total to 750 by the year's end. That's a 20% increase, according to January's Top 50 Q1 2019 report, co
The Crypto Valley in Switzerland and Liechtenstein added 121 new companies in 2018, bringing the total to 750 by the year's end. That's a 20% increase, according to January's Top 50 Q1 2019 report, compiled by investment firm CV VC alongside PwC Strategy and technology partner inacta.
The report captures the region during what the industry calls "crypto winter." The 50 largest blockchain ventures there dropped in valuation from $44 billion to $20 billion during the fourth quarter of 2018 alone. The market correction began in early 2018 and centered on cryptocurrency prices.
Yet companies building blockchain infrastructure and applications stayed competitive. New startups with novel use cases broke into the top rankings. CV VC founder and CEO Mathias Ruch said the report reflects this resilience.
Zug canton hosts 383 blockchain companies, more than half the region's total. Geneva follows with 42, Ticino with 39. Liechtenstein registers 38. The top 50 companies average $400 million in valuation each. Four rank as unicorns: Bitmain, Cardano, Dfinity, and Ethereum.
Tezos, Xapo, Lisk, Ambrosus, and Proxeus round out other leading firms. The top 50 employ 480 workers in Switzerland and Liechtenstein, more than 3,300 across all their operations.
Fifteen companies jumped into the top 50 during the fourth quarter. HDAC, an Internet-of-Things platform backed by Hyundai, entered the list. So did ICON, which lets different blockchains communicate through smart contracts, and Santiment, which packages cryptocurrency data and market signals for traders.
"This high dynamic in the middle of the crypto winter is very positive," said Dr. Daniel Diemers, blockchain leader for EMEA at PwC Strategy. "It shows that the appeal of Switzerland as one of the world's most attractive locations for blockchain startups remains unbroken."
The report flags 15 emerging startups worth monitoring: ambrpay, Arca Trust, Blockimmo, Cosmos Network, Datum, Friendz, Grain, Metaco, Orion Vault, Pigzbe, PikcioChain, Qiibee, Request Network, Taurus Group, and UTRUST. These companies could make the next top 50 list.
