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Swiss Blockchain Industry Sees Meteoric Growth
(Source: House of Switzerland)
In collaboration with consultancy PwC Strategy& Switzerland and technology provider inacta, Zug-based investor CV VC has compiled the first-ever list of the top 50 companies in Switzerland’s Crypto Valley.
The company’s recently acquired data, published on their official website, reveals that blockchain companies employ around 3000 people in Switzerland and Liechtenstein and have a combined market capitalization of US$ 44 billion. However, CV VC noted in the report that the consolidated value of the sector overall could only be estimated, as many companies do not publish exact data.
Taken together, the top 50 blockchain companies in Switzerland’s so-called Crypto Valley employ 443 staff domestically and hold over $2 billion to spend on research and development. According to Swissinfo, a large percentage of that funding has come from initial coin offerings.
The new information provided in CV VC’s report sheds light on the rapid growth rate of the blockchain industry in the Crypto Nation. At the time of its April 2017 launch, the online directory contained only 350 companies. The company’s directory now includes more than 600 companies working with blockchain technology either directly or as a service provider, such as specialized consultancies, law firms, blockchain organizations, and academic institutions.
Blockchain Could Have Long-Term Impact on the Country’s Economy
CV VC has also put together an online directory called CV Maps, which lists companies, foundations, consultants, lawyers, educational establishments and other supporting actors that work in the Swiss blockchain industry.
In addition to CV Maps’ databases, data used to compile the Top 50 was drawn from information provided by the companies themselves, from crypto exchanges, both print and online news reports, and social media such as LinkedIn.
“The Top 50 report shows that Crypto Valley has retained its appeal as a location for blockchain companies from all sectors,” said Ralf Glabischnig, founder and managing partner of information management firm inacta, which was tasked with building the CV Maps database.
CV VC’s long-standing strategic partnership with PwC is just another testimony to the relentless growth the blockchain industry has experienced in Switzerland just in the past few years. Daniel Diemers, Blockchain Leader EMEA at PwC Strategy said:
“Crypto Valley has grown enormously in just three short years. Even two or three years ago, there were just 10 to 15 companies in the blockchain industry.”
The blockchain sector’s potential long-term impact on the Swiss economy has also not been lost on regulators and politicians, who have been busy putting together a legal and regulatory framework to allow the new technology to thrive, Swissinfo reported.