According to information provided by venture capital firm CV VC, crypto-friendly Switzerland saw nothing too dramatic in the wake of the recent market drop.
The “Top 50” survey revealed that while 183 block chain companies in Switzerland closed in 2022, 190 new blockchain startups and offices were created by companies based in other countries.
Additionally, the researchers found that the Swiss Crypto Valley, headquartered in Canton Zug, currently has almost the same number of organizations it would have in 2021, at 1,135.
They have a total staff of 5,766, which is around 4% less than before the start of the crypto winter.
The Swiss crypto industry is growing
There is a fairly strong and homogeneous distribution of companies on the territory of Switzerland and Liechtenstein. Even though platforms make up the majority of the Top 50, the importance of fintech companies cannot be overstated.
There is a concomitant increase in the number of trading and exchange offerings, despite the continued prominence of cryptocurrency banks.
According to the report, on the other hand, Crypto Valley is happy to welcome people who develop infrastructure such as identity management and those who work to improve operational efficiency in areas such as arts, sports and the media.
According to the researchers’ findings, Switzerland is an exceptional model of consensus-based government and has an inherent tendency towards decentralization.
All levels of government, politics and industry, as well as law firms and academic institutions, come together in an atmosphere that fosters cooperation and trust among them, the report further asserts.
Due to its densely interconnected network, Switzerland is considered by many to be the premier case study for decentralized systems on a global scale.
The most notable Swiss companies to fail in 2022 were start-up FTX Europe and Covario, the latter of which was created to help other companies with cryptocurrency asset management.
Following the raid of the firm’s Bulgarian offices by law enforcement officials investigating possible money laundering, the Swiss branch of British crypto lending firm Nexo has also come under the spotlight. The company disputes the allegations made against it.
Those who build there are aware of their position and can move forward with confidence even if the market becomes difficult.