According to data provided by venture capital firm CV VC, crypto-friendly Switzerland hasn’t seen anything too dramatic as a result of the recent market downturn.
The ‘Top 50’ report showed that while 183 blockchain companies in Switzerland closed their doors in 2022, 190 new blockchain startups and offices were created by companies based in other countries.
In addition, the researchers found that the Swiss Crypto Valley, which is based in the canton of Zug, currently has almost the same number of organizations as it would have in 2021, which is 1,135.
They have a total workforce of 5,766 individuals, which is only about 4% less than it was before the start of crypto winter.
The Swiss crypto industry is expanding
There is a fairly strong and even distribution of companies on the territory of Switzerland and Liechtenstein. Although platforms make up the majority of the Top 50, the importance of fintech companies cannot be overstated.
At the same time, the number of trading and exchange offers is increasing, regardless of the continued prominence of cryptocurrency banks.
According to the report, on the other hand, Crypto Valley welcomes individuals developing infrastructure such as identity management and those working to improve operational efficiency in areas such as arts, sports and media.
Based on the researchers’ findings, Switzerland is an exceptional model of consensus-based government and has an inherent tendency toward decentralization.
All levels of government, politics and industry, as well as law societies and academic institutions, are coming together in an atmosphere that fosters mutual cooperation and trust, the report further states.
Because of its densely connected network, Switzerland is considered by many to be a prime 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 founded to help other companies manage cryptocurrency holdings.
Following the search of the company’s Bulgarian offices by law enforcement officials investigating possible money laundering, the Swiss arm of British cryptocurrency firm Nexo is also in the spotlight. The company disputes the allegations made against it.
Those who build there are aware of their position and can continue with confidence even if the market becomes challenging.