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 <p class="is-style-lead">A new report reveals the impressive <a rel="noopener noreferrer nofollow" title="growth" href="https://thebittimes.com/tag/growth.html">growth</a> and impact of Crypto Valley, a leading web3 and blockchain hub located in Switzerland.</p>
 <p>The report analyzes the ecosystem, venture funding, and sector insights of the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> hub. Interestingly, these areas recorded considerable <a rel="noopener noreferrer nofollow" title="growth" href="https://thebittimes.com/tag/growth.html">growth</a>, as the global <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market witnessed a recovery last year following the implosions of 2022.</p>
 <p>Per the report, the leading 50 entities in Crypto Valley saw their value soar, doubling to $382.93 billion in 2023. The region now hosts 1,290 companies, marking a 13.6% rise from the previous year, with nearly 40% of them headquartered in Zug, the heart of Crypto Valley.</p>
 <p>The hub is home to 13 unicorns — companies valued at over $1 billion — marking a 44% increase from previous numbers. Ten of these companies achieved unicorn status through their token market cap, while three attained it through market valuation.&nbsp;</p>
 <p>For context, a research report from PWC Global in 2022 revealed that the global <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry was found to host up to 48 unicorns, with the United States accounting for 26 of these companies.&nbsp;</p>
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 <p>Data from the report solidifies Crypto Valley’s influence across diverse sectors. Notably, the hub excels in blockchain networks (34%), financial services (26%), data management (16%), and infrastructure (14%). Five of the new entries have already jumped into the top 50 firms.</p>
 <p>Some of the most notable top 50 entities in the hub include blockchain-focused protocols such as the Cardano Foundation and the Ethereum Foundation, crypto exchange and lending protocols Nexo, and Ripple-owned custody solution Metaco.</p>
 <p>Despite being home to these leading blockchain entities, Crypto Valley has often been caught in the challenges facing the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry, including concerns of financial risks and regulatory gaps. The Crypto Valley Association addresses one such concern in a 2020 report.</p>
 <p>As these concerns are being addressed, the hub is experiencing growing attention. Crypto Valley recorded an uptick in venture funding last week despite a considerable drop in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> venture funds globally.&nbsp;</p>
 <p>The leading hub amassed 4.8% of all worldwide blockchain venture deals, marking a 17% increase, and commands 20.4% of all European blockchain deals.</p>
 <p>Last year, blockchain-focused firms in the hub secured 10% of all global venture funding. The hub also contributed to 19% of deals in Europe. The primary contributors to this funding surge are Zug, Geneva, and Zurich.&nbsp;</p>
 <p>Crypto Valley’s recent expansion can be attributed to the slew of crypto and blockchain-focused entities that have launched in Switzerland, owing to the favorable regulatory atmosphere. A recent case is the TON Foundation, which launched in Switzerland as a non-profit last September.</p>
 <p>As a testament to this favorable regulation, last month, Lugano, a city in Southern Switzerland, announced intentions to accept Bitcoin (BTC) and other cryptocurrencies for taxes.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/leading-swiss-crypto-hub-crypto-valley-records-massive-growth-tbt76849.html">https://thebittimes.com/leading-swiss-crypto-hub-crypto-valley-records-massive-growth-tbt76849.html</a></p>

Leading Swiss crypto hub Crypto Valley records massive growth

TheBitTimes

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