Cryptocurrency Projects in Switzerland and Liechtenstein Reach $383 Billion

Ethereum, the brainchild of Ethereum Foundation, currently stands as the most valuable project in both Switzerland and Liechtenstein, with a market capitalization of $273 billion. It is closely followed by Solana, valued at $43.3 billion, and Cardano at $20.8 billion. The surge in valuation can be largely attributed to the positive market sentiment and the recovery of the cryptocurrency market as a whole.

Despite the recovery of token markets, the global Web3 venture capital landscape is yet to fully rebound. CV VC researchers noted a 55% and 69% decrease in the number and value of venture financing deals for Web3 firms in 2023 compared to 2022. In contrast, cryptocurrency firms in Switzerland and Liechtenstein secured $283.5 million through 49 deals in 2023, a significant decline from the $964.3 million raised through 93 deals in 2022.

Around 5% of all Web3 venture financing is now allocated to Switzerland and Liechtenstein. These two countries are home to or headquarters for 1290 Web3 firms, including prominent names like Cosmos, Internet Computer, Near, Polkadot, and Solana. These companies play a vital role in bolstering both the local and global economies by developing robust systems and facilitating transactions on a global scale.

Switzerland and its neighboring countries play a crucial role in advancing blockchain technology. On December 8, 2023, BBVA Switzerland, the Swiss branch of one of Spain's largest banks, announced its intention to use Ripple's (XRP) platform, Harmonize, owned by Metaco, for storing cryptocurrency for institutional investors. Additionally, the Swiss city of Lugano declared its acceptance of Bitcoin and Tether (USDT) for the payment of municipal taxes, further highlighting the growing adoption of cryptocurrencies in the region.