Find out how Switzerland is dealing with the crypto-currency crisis as the rest of the world collapses

As the global industry built around digital assets loses money and jobs disappear, Switzerland seems to be weathering the storm relatively well, according to a study. In fact, more crypto-currency companies have moved into the country in the past year than have left it, or left the industry altogether.

Crypto Valley in Switzerland maintains its resident numbers despite the crypto winter.

The market downturn and the collapse of platforms like crypto-currency exchange FTX and the Terra-luna ecosystem have sent shockwaves through the industry. The negative events of 2022 have resulted in losses for investors, customers and businesses, while major players like Coinbase and Genesis have announced layoffs.

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However, data compiled by venture capital firm CV VC shows that crypto-currency-friendly Switzerland has not witnessed anything too dramatic, Swissinfo reports. According to its report “Top 50“183 Swiss blockchain companies went bankrupt last year, but 190 foreign startups and companies opened new offices.

The researchers also found that the Swiss Crypto Valley, centered in the canton of Zug, has about the same number of entities as in 2021 – currently 1,135. They employ 5,766 people, only about 4% fewer than before the crypto winter began.

The most prominent Swiss-registered companies that have gone under are FTX Europe and crypto asset manager Covario. “The Swiss arm of UK-based crypto-currency lender Nexo is also in the crosshairs after the company’s Bulgarian offices were raided“, the news portal reports.

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Meanwhile, none of the other big names admitted to being severely affected by the current volatility in the sector. One reason for this, the article points out, is the attitude of Swiss authorities toward potentially corrupt companies.

For example, the Swiss financial market supervisory authority blocked an attempt by subsidiary FTX to acquire Swiss bank Neue Privat, citing insufficient regulatory oversight of the group’s other global operations.

CV VC’s study also shows that the valuation of the top 24 blockchain companies rose 55 percent to $9.7 billion, despite the significant loss in value of cryptoassets. The biggest winners among them are 21Shares, an issuer of crypto-currency-backed exchange-traded certificates, and Gnosis Safe, which manages Ethereum-based assets. Both were valued at more than $1 billion, according to the report.

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