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The CV VC Top 50 Report 2022 is an annual assessment undertaken by CV VC AG to provide an overview of Crypto Valley developments. It shows that Crypto Valley, which includes Switzerland and Liechtenstein, is the most mature blockchain hub. It continued to expand steadily in 2022 because of an exemplary regulatory jurisdiction and a determined decentralized mindset exhibited by the 1135 entities building from there. The CV VC Top 50 Report 2022 is a testament to the fact that blockchain is evolving into a multi-billion dollar industry in Crypto Valley. While Swiss-based, the Top 50 have an international footprint.
- The valuation of the Top 50 entities is $185B. This splits into $175.6B for blockchain platforms by market capitalization and $9.7B for companies by equity valuation
- Despite the ongoing market volatility, commercial blockchain companies in Crypto Valley have defied typical industry trends, with an impressive 55% growth in market valuations. The market cap for platforms in the Top 50 significantly decreased by 71%
- There are 9 unicorns in Crypto Valley, of which 7 are blockchain platforms and 2 are commercial companies. This is the first time that commercial blockchain companies have joined the unicorn herd which is indicative of the maturity of Crypto Valley
- The Top 50 is split 26 to 24 platforms vs. commercial companies, indicating the symbiotic nature of the very assured blockchain ecosystem in Crypto Valley
Crypto Valley is leading the charge for decentralized, trust-based systems. Through blockchain technology and infrastructure-building initiatives, it aims to create greater efficiencies in tackling global issues. Other key metrics from the Top 50 Report 2022 include:
- 7 blockchain platforms in Crypto Valley are Unicorns. They are building infrastructure that ensures privacy, freedom, financial inclusion, transparency, and efficiency. They will allow billions of people to create, transact, and own digital value
- 2 commercial companies in Crypto Valley are Unicorns. Gnosis Safe - manager of digital assets on Ethereum and 21.co, the world's largest ETP issuer
- The number of companies in Crypto Valley is steady at 1135. There were 190 new firms registered, and 183 ceased which is a balanced achievement given the global market turmoil
- Employment has dipped just 4% across Crypto Valley during a period when tech employment is constricting globally.
- The Top 50 entities for 2022 increased funding by 2.7%, reaching $3.2B
Crypto Valley is not compromising on the core principles of the blockchain technology space: decentralization, openness, and transparency. The encompassing regulatory environment in Switzerland and Liechtenstein is acknowledged as one of the major assets for the attractiveness and success of the Crypto Valley. As a pioneering example, Switzerland's DLT Act has provided the foundation for other countries to follow as more governments seek to adopt similar approaches. While some might worry that regulation may chill innovation, Switzerland's standards are a distinct advantage, not alone for participants in Crypto Valley but for blockchain business positioning.
Crypto Valley is at the forefront of driving progress for components that form the core infrastructure behind Web3, from decentralized identity solutions to zero-knowledge systems designed to maximize scalability and staking services.New Top 50 entries reflect this progress in Crypto Valley, such as:
- Iamx, the first Self-Sovereign Identity (SSI) solution provider to incentivize consumer activity and comply with the strictest security standards
- Intmax is a roll-up project that will evolve Ethereum into something that can be used by online citizens worldwide as infrastructure principally for payments, including other forms of internet-native ownership through NFTs and community-governed tokens
- Bridge Tower, which is bridging the value of blockchain staking and DeFi products seamlessly to institutional investors
Crypto Valley has many world firsts. As well as having the world's first fully regulated Crypto Banks SEBA and Sygnum, these banks are becoming more deeply connected with decentralized finance. For example, they transform company shares and oil paintings into digital assets that trade directly between sellers and buyers on blockchains.
- They are joined by new players such as Fiat24, which allows clients to attach a ‘non-fungible token’ personal identity to a digital wallet containing both traditional money and cryptocurrencies, and access to decentralized financial investments via the metaverse
- The world's largest issuer of cryptocurrency exchange-traded products (ETPs) is Switzerland's largest blockchain company unicorn. Founded in 2018, 21.co launched the world's first USD Yield ETP and the world's first Bitcoin and Gold ETP on the SIX Swiss Exchange. Displaying the ability of Swiss expansion, it released the first crypto ETFs in Australia. A recent $25m funding round is a testament to early success and its ability to thrive in both bull and bear markets
- A first blockchain on Shopify? Yes - energy-efficient Tezos blockchain NFTs on Shopify
- A first to talk with the US SEC? The Web3 Foundation has unlocked a new way of achieving token morphing for increasingly decentralized projects such as Polkadot. Digital assets initially offered and sold to achieve fundraising objectives no longer need to possess security-like characteristics in order to use this innovative theory. Web3 Foundation has shared this theory many times with the SEC and has announced that DOT, the native digital asset of the Polkadot blockchain, has morphed. In its view, offers and sales of DOT are not securities transactions, and DOT is not a security. It is merely software
- Dfinity announced the Internet Computer’s mainnet integration with Bitcoin, bringing smart contract functionality to the cryptocurrency
It’s not only about infrastructure, protocols, crypto, and fintech in Crypto Valley, but there are also many firsts in the utility of blockchain for other industries.
- Axedras will immutably document gold from the mine to the end-user
- Deon Digital is turning contractual processes into software
- Vault Security is the world's first blockchain-based lost & found app for secure property management.
Crypto Valley is synonymous with assuredness and precision, enabling pioneers to operate with certainty.
- Multi-signature wallet protocol Gnosis Safe raised $100m in 2022. Its Unicorn status is focused on a web3 ecosystem that is much more secure and accessible to a wider range of users. It is building safety nets such as account recovery and hybrid custody to make web3 more approachable for many more user groups
- Crypto Finance AG now offers technical support for 20 blockchains and hundreds of tokens available for trade and custody through its FINMA-regulated brokerage service, giving clients seamless market access across a wide range of digital asset venues
The CV VC Top 50 Report delves into the innovations which characterize the mindset of Crypto Valley, such as that its pioneers are focussed on the fundamental of blockchain - decentralization. The Top 50 Report shows the opportunity for DeFi and DAOs. It presents in-depth articles from leading players highlighting the resilience and mindset of Crypto Valley regarding blockchain endeavors. From a geographical point of view, Zug remains the heart of Crypto Valley, followed by Zürich and other clusters in Liechtenstein, Geneva, Ticino, Vaud, and Neuchatel.
CEO and founder of CV VC, Mathias Ruch, commenting on the publication of the 8th edition of the Top 50 Report, said, “The CV VC Top 50 Report is a beacon of hope, reflecting the brilliant minds who are deeply committed to blockchain infrastructure and utility, working from the epicenter known as Crypto Valley. The Top 50 Report demonstrates those leading the change toward focussing on the core utility that blockchain will deliver to all global institutions, businesses, finance, governments, and society. The core utility is - trust.”
Manager of Blockchain Banking of Bank Frick, Jonas Gantenbein added, “It is not just Crypto Valley’s Unicorn herd that highlights the valley's critical role in the global stride toward decentralization, Web3, and the oncoming fourth industrial revolution. Crypto Valley’s endurance is because of the balance between technical expertise, precise determination, supportive banking and business infrastructures, and having a stable regulatory environment where all participants know where they stand. There is a welcoming banking landscape where increasingly legacy banks take crypto and blockchain businesses as customers. Such a progressive environment is a testament to why Switzerland & Liechtenstein is the only jurisdiction in the world where it is possible to incorporate a company, bank, pay taxes, and hire professional services exclusively using cryptocurrencies.”
The CV VC Top 50 Report is created by CV VC AG. The periodic report, now in its 8th edition, focuses on market fundamentals and valuation developments in Crypto Valley, which includes Switzerland and Liechtenstein. The report is produced in collaboration with Bank Frick. In this year's Top 50 report, the valuation methodology separated entities into consistent groups: blockchain platforms on the one hand and commercial companies on the other hand. The separation of the two categories is important because of the very nature of the two types of entities, and, importantly, their different valuation logic.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.