• The number of companies specializing in blockchain in Switzerland and Liechtenstein increased from 919 to 960 from July 2020 to February 2021 (+4.4%).
  • 5,184 people are employed in Crypto Valley (+8.5%).
  • The market valuation of the 50 largest companies has increased from $37.5 billion to $254.9 billion (680% growth).
  • Crypto Valley now counts 11 Unicorns with a valuation of over $1 billion each: Ethereum, Cardano, Polkadot, Aave, Cosmos, Solana, Tezos, Dfinity, Near, Nexo, and Diem (formerly Libra).


Zug, 04.03.2021 – At the beginning of the Corona crisis, it was not clear how a lockdown would affect Crypto Valley and blockchain companies. Observers feared that the thriving, world-leading blockchain ecosystem could become a "Death Valley." As the latest CV VC Top 50 Report shows, those predictions did not come to pass. The latest figures, which cover the period from the beginning of July 2020 to the end of February 2021, show striking growth. After one year of Corona, it is clear that Crypto Valley is in robust, mature shape and on solid footing with positive conditions for further growth.

More companies and more employees in Crypto Valley

The number of companies in Switzerland and Liechtenstein involved in blockchain technology has risen to 960. In mid-2020, this number stood at 919. The number of employees has also increased in the same period, from 4,780 to 5,184. There are nine blockchain hotspots in Crypto Valley: Canton Zug remains the heart of Crypto Valley with 433 companies, followed by Zurich (178), Liechtenstein (83), Geneva (57), Ticino (49), Vaud (32), Neuchâtel (26), Lucerne (20), Bern (15) and Schwyz (13).

According to the CV VC Top 50 Report, the 50 largest Crypto Valley companies have a combined value of $254.9 billion, $217.4 billion more than they had in mid-2020 ($37.5 billion). 11 companies are unicorns with market valuations of more than $1 billion each: Ethereum ($157.2 billion), Cardano ($40.6 billion), Polkadot ($29.3 billion), Aave ($3.9 billion), Cosmos ($3.8 billion), Solana ($3.3 billion), Tezos ($2.6 billion), Dfinity ($2 billion), Near ($1.1 billion), Nexo ($1.1 billion) and Diem ($1 billion).

"Positive development despite pandemic could be confirmed."

"After entering the Corona crisis in March 2020 with certain fears, we are now confident about the future. The positive development was already apparent in September. New startups are continuously being founded and actively choosing Crypto Valley as their home. We are very pleased by this, and it confirms the impressive strength of our blockchain ecosystem," says Mathias Ruch, CEO and founder of Zug-based investment company CV VC, which publishes the Top 50 Report.

Swiss financial center as innovation driver for blockchain

The Swiss financial center and the boom in the fintech industry have a significant influence on Crypto Valley. Numerous companies are involved in the introduction of digital assets,

cryptocurrencies and decentralized infrastructure (storage and settlement). A wide variety of players are setting and establishing strategies for digital assets. At the same time, cryptocurrencies are gaining wide acceptance among institutional investors. New financial applications, so-called DeFi projects, are gaining prominence.

Excellent framework conditions

For Ralf Kubli, author of the CV VC Top 50 Report, there are several reasons why Crypto Valley will continue to grow: "With the newly introduced Blockchain legislation, Switzerland boasts one of the world's most advanced Blockchain legislations and has thus created a strong and solid foundation for the future prosperity of Crypto Valley. In addition, the Corona pandemic has forced digitization to accelerate, which has greatly benefited Blockchain technology. We expect this to attract more entrepreneurs and investors to Crypto Valley."

Further, according to Kubli, many of the leading blockchain protocol developers of the most prominent blockchains are located in Switzerland. All of this adds up to a strong increase in Switzerland's global footprint as a blockchain ecosystem and the attractiveness of Crypto Valley for entrepreneurs, researchers and investors.


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Konradin Krieger

Konradin Krieger

Head of Corporate Communications, PwC Switzerland

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