Switzerland has towering Alps and a modern, thriving Crypto Valley centered around the medieval city of Zug.
The report, by blockchain-focused investment firm CV VC, accounting consultancy PwC Strategy & Switzerland and technology provider Inacta, found blockchain companies in Switzerland and neighboring Lichtenstein employ approximately 3,000 people and have a combined market capitalization of $44 billion.
Five of these companies — Bitmain, Cardano, Dfinity, Ethereum and Xapo — are unicorns, meaning they are startups with market valuations of more than $1 billion. Tezos, which made headlines (both good and bad) in 2017 after its initial coin offering of $232 million, is also on the list.
Data for the list came from company information, crypto exchanges and information portals, media reports or social media such as LinkedIn, according to the report. Where no data were available, estimates were made and noted as such.
The study, highlights Switzerland’s blockchain friendly environment, a potent mix of low corporate taxes, strong banking and high education. At the Crypto Finance Conference in St. Moritz in January, the country’s economics minister Johann Schneider-Ammann expressed his hope for a “Crypto Nation Switzerland.”
CV now lists more than 600 blockchain-related companies on CV Maps, its online directory of the blockchain industry. That’s nearly double the total in the directory from this spring.
Companies that qualified for the CV list had to include blockchain as part of their core business, employ at least one person in Switzerland or Liechtenstein and contribute to the blockchain and Cryto Valley communities. These organizations needed to meet one additional criteria of funding or a valuation in excess of $10 million or a workforce with at least 10 full-time positions in Switzerland or Liechtenstein.
The report found that blockchain companies employed about 3,000 people in Switzerland. These companies have built platforms and protocols, exchanges, hardware and middleware. They have targeted healthcare, financial services and a range of other industries. Researchers divided the companies into four categories based on worth: $10 million, $25 million, $100 million and $1 billion.
“The Top 50 report shows that Crypto Valley has retained its appeal as a location for blockchain companies from all sectors,” said Ralf Glabischnig, founder and managing partner of information management for Inacta, which built the CV Maps database.