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New Crypto Valley Top 50 shows Swiss Blockchain industry defying ‘crypto winter’

The recent fall in crypto currency prices saw the market valuation of the 50 largest blockchain companies in Switzerland and Liechtenstein’s Crypto Valley plunge from USD 44 billion to USD 20 billion in the fourth quarter of 2018. Over the same period, however, the number of participating companies soared by 20% from 629 to 750. Among them are four so-called "unicorns" - start-ups already worth billions of dollars.

coin in front of Swiss flag
By the end of 2018, Crypto Valley counted four unicorns - Ethereum, Bitmain, Cardano and Dfinity.

Davos, January 24, 2018 - Investment company CV VC, in collaboration with PwC Strategy & and IT partner inacta, has published its new quarterly list of the largest and most important companies in Switzerland and Liechtenstein’s Crypto Valley blockchain cluster.

The survey finds that, at the end of December 2018, the cluster contained 750 companies using the distributed ledger technology that defines blockchain. This corresponds to a growth of 121 companies, or almost 20% compared to the last count at the end of September 2018.

The data comes from CV Maps, an online directory of blockchain companies in Switzerland and Liechtenstein, which is maintained by CV VC. Mattias Ruch, Founder and CEO of CV VC said: "This new report clearly reflects the market correction that started in early 2018, which is significantly based on cryptocurrencies. However, it also shows that companies that are able to keep developing blockchain-based applications and infrastructure solutions have risen to the top, while an impressive number of new startups with innovative use-cases has emerged."

20 percent of global crypto market in Switzerland and Liechtenstein

"Crypto winter", as 2018’s severe market reversal has been nicknamed, has affected the valuation of participating companies but not their number. The market capitalization of the top 50 dropped from USD 44 billion to USD 20 billion in Q4 2018, a decrease of 55%. Most cryptocurrencies worldwide lost value during this period. The global crypto market according to Coinmaketcap was valued at the end of 2018 at USD 130 billion. The Crypto Valley Top 50 accounts for nearly 20% of this market. Ralf Glabischnig, Managing Partner at inacta:

In addition to the growing number of startups we observe increased activities of corporates entering the blockchain space with their own projects or startup investments.

On average, the top 50 companies are valued at USD 400 million each. Excluding the five largest, the average figure is still USD 365million; a sign that concentration is relatively low. The average valuation of all 750 companies was estimated at USD 27 million. Four unicorns – startups valued at over USD 1billion – are present in Crypto Valley: Ethereum, Bitmain, Dfinity and Cardano.

Around 420 people work in Switzerland and Liechtenstein in the 50 largest blockchain companies. Overall, the industry employs more than 3.300 people. The survey finds that it is business as usual for many companies despite the collapse in value on the crypto exchanges.

While over half of the blockchain companies are based in the canton of Zug, Crypto Valley extends to many other Swiss cantons: 42 are now in Geneva and 39 in Ticino. Switzerland’s neighbouring microstate of Liechtenstein registers 38 crypto companies according to CV Maps. There are no entries in the blockchain register yet from Appenzell, Innerrhoden, Glarus, Jura and Obwalden.

(press release CV VC)

About CV VC
CV VC is a private company based in Zug which invests in all stages of the crypto and blockchain growth cycle. It offers seed funding and a three-month incubator program in exchange for equity or tokens. The Advisory team covers all essential areas leading to powerful tokenized business models.

CV Labs is a unique co-working space located in Zug, helping crypto companies to grow successfully by meeting all their needs. CV Labs is also an ideal home base for startup companies participating in the CV Labs incubation program. Regular meetups and networking events are organized in the Crypto Café and the meeting rooms.

CV Competition offers blockchain startups the opportunity to win a cash prize of USD 100.000 as well as access to industry executives, coaching and free office space in the CV Labs in Zug.

CV Summit brings together innovative startups, industry experts and investors, as well as corporates experimenting with distributed ledger technology.

CV Maps is the first directory and guide route through the fast-growing Crypto Valley blockchain ecosystem. The constantly updated database includes over 750 companies.

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