As the global digital asset-based industry loses money and jobs decline, Switzerland appears to be relatively resilient to the storm, according to research. In fact, more crypto firms have established themselves in the country in the last turbulent year than those who have left the country, or the company altogether.
In fact, more crypto companies have established themselves in the country in the last turbulent year than those who have left it, or the company entirely.
Crypto Valley in Switzerland keeps the number of residents notwithstanding Crypto Winter. Negative events in 2022 resulted in losses for investors, customers and businesses, while key players such as COINBASE and Genesis announced lay-offs.
However, the data compiled by the venture capital company cv vc shows that Swiss cryptography has not seen anything too spectacular, according to swissinfo. According to its "top 50" report, 183 Swiss blockchain businesses went bankrupt last year.
190 startups and foreign corporations have opened new offices. The researchers also found that the Swiss crypto-valley, located in the canton of Zug, now has about the same number of entities as in 2021 - currently 1,135.
They employ 5,766 people, which is only about 4 percent lower than before the crypto winter began. “The Swiss branch of U.K.-based crypto lender Nexo is also under the microscope after the company’s Bulgarian offices were searched,” the news portal remarks.
"the Swiss branch of nexo based in the United Kingdom crypto lender is also under the microscope after the company's Bulgarian offices have been searched," the information portal remarks. Meanwhile, none of the other big names admitted they were severely affected by the industry's continued volatility.
One of the reasons, says the article, is the Swiss authorities' attitude towards potentially corrupt companies.
For example, the control authority of the financial markets of Switzerland has blocked an attempt of the subsidiary FTX to acquire the neue privat Swiss bank neue, citing the lack of regulatory oversight in other global activities of the group. Cv vc study also shows that the valuation of the 24 leading blockchain companies has increased by 55% to 9.7 billion dollars despite the significant loss of value of crypto assets. The biggest winners among them are 21shares, a crypto-backed securities issuer, and gnosis safe, which manages assets based on ethereum.
Both were estimated to be in excess of a billion dollars, according to the report. Do you believe that Switzerland can pave the way for a resumption in the crypto space?
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