CV VC Top 50 Report H1/2020 - INSIGHTS The blockchain industry in Crypto Valley, Switzerland and Lichtenstein, Finews
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INSIGHTS
CV VC Top 50 Report H1/2020
Zug, 7th of August 2020
The blockchain industry in Crypto Valley,
Switzerland and Lichtenstein,
analyzed and visualized.
Technology Partner In collaboration with
CV VC Top 50 Report H1/2020 TABLE OF CONTENTS
01 Broad growth fueled by
Protocols and Financial
Applications
Summary .5
02
Blockchain industry in
Crypto Valley visualized
Crypto Valley Top 50 Companies per sector .14
About .5 Crypto Valley Companies per canton .15
Crypto Valley Top 50 Companies Sector Review .6 Crypto Valley Top 50 Companies Employment Levels .16
• 01 Blockchain Technology .6 Crypto Valley Companies valuation and funding .17
• 02 Blockchain Financial Industry .6 Blockchain Technology Companies Valuation .18
• 03 Blockchain Other Industries .7 Financial Industry Companies Valuation .19
Crypto Valley Top 50 Challenger Companies .8 Other Industries Companies Valuation .20
Companies and employees in Crypto Valley .8
Valuation and funding of companies in Crypto Valley .9
Regulatory environment in Crypto Valley .9
Impact of the Pandemic in Crypto Valley .10
A brief history of Crypto Valley .10
Universities engaged in Blockchain and DLT .11
03 Crypto Valley Top 50
Companies listed by
sector
Methodology and Selection Crypto Valley Top 50
Blockchain Technology
.22
.23
04
Players by key areas
Banks active in Crypto
Blockchain focused Venture Capital Firms
.37
.38
Blockchain Financial Industry .27 Blockchain Technology Solution Providers .39
Blockchain Other Industry .31 Blockchain and Crypto Savvy Law Firms .40
Crypto Valleys Top 50 Challenger Companies .32
CV VC Top 50 Report H1/2020 TABLE OF CONTENTS
05 CV VC Portfolio
Investment Thesis .42
06About
About .45
CV VC Portfolio Companies .43
CV VC Top 50 Report H1/2020
Broad growth
fueled by Protocols
and Financial
Applications
Technology Partner In collaboration with
CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applications .5
Summary
Key Data
• Crypto Valley Top 50 companies are valued at such, Crypto Valley’s first non-protocol layer unicorn with large royalty collection agencies.
$37.5B in total. may not be too far away.
• Total Funding of Top 50 companies reached $3.7B. CV VC’s research reveals eight crypto hotspots in
Companies which raised substantial amounts inclu- Crypto Valley: Zug, Zurich, Liechtenstein, Geneva, Tici-
• Total number of firms in Crypto Valley is 919.
de: Bitcoin Suisse AG ($48M), 4ART Technologies no, Neuchatel, Vaud, Lucerne and Bern. The largest
• Total employment of blockchain companies in AG ($45M), METACO SA ($20M), Crypto Finance number of companies is in Zug with 439, as it remains
Crypto Valley, which includes Switzerland and AG ($14M), Near Protocol ($12.1M), Taurus Group the heart of Crypto Valley.
Liechtenstein, increased to 4784. The Top 50 SA ($8M), Sygnum Bank AG (undisclosed amount in
companies employ 776 employees in Crypto second round). The regulatory framework in Switzerland keeps evol-
Valley. ving rapidly and its regulatory clarity is now being
• Near Protocol, Velas Network and Aave have Financial services continue to push ahead with a enhanced with significant functionalities for digital
been added to the list of Crypto Valley Top 50 broader adoption of cryptocurrencies and DLT infras- assets, including securities. Switzerland opted to
companies. tructure (storage, settlement), as evidenced by a modify a number of existing laws, introducing changes
• Crypto Valley counts 6 Unicorns (i.e. projects number of successful funding rounds among Switzer- only where necessary. The result is the world’s leading
valued at more than $1B): Ethereum ($25.3B), land’s main crypto players and the work of established regulatory framework and legal basis for the issuan-
Cardano ($2.2B), Dfinity ($2B), Tezos ($1.8B), players such as InCore Bank AG to provide key infras- ce, trading, and ownership of digital assets, including
Polkadot ($1.2B), and Libra ($1B). tructure to other banks. securities. The DLT Act is expected to go into effect
• Valuation of CV VC Top 50 companies excluding in the first quarter of 2021.
Ethereum amounts to $13.8B. The valuation of protocols that count Crypto Valley as
their home has increased significantly. All 6 Unicorns
Key Takeaways are protocol layer projects of which the listed ones saw
their network value increase significantly. The markets About
Crypto Valley has further matured and added substan- are rewarding higher degrees of decentralization, tech-
ce in the first half of 2020. Despite challenging circum- nical milestone achievements, well-performing testnets The CV VC Top 50 Report
stances because of COVID-19, the number of firms in and mainnets with increased valuations.
Crypto Valley has increased to 919, and employment The CV VC Top 50 Report is created by CV VC AG
reached over 4700 in Switzerland and Liechtenstein. Outside of financial services, the protection of inte- in collaboration with its technology partners inacta
llectual property and the tracking of IP transactions is and PwC. The CV VC Top 50 is a periodical Report on
Growth and funding have been driven across all areas, attracting large investments and valuations. 4ARTech- market valuation developments from Crypto Valley,
including protocols, financial services, and other appli- nologies AG, which provides application infrastructure which includes Switzerland and Liechtenstein. The
cations. The big story has been the funding of compa- for the art market, has raised $45M at a valuation of report highlights the diverse blockchain and crypto-
nies by investors. The flows of money from VCs and $250M. In addition, its utility coin for use in its ecosys- currency ecosystem which consists of startups, corpo-
investors are confirming the view that the clear regu- tem has an implied valuation of $250M. Utopia Music rations, and government entities. The CV VC Top 50
latory framework will enable companies to execute AG, which is tracking the use of music, is nearing a Report and CVMaps.ch are the authoritative curators
on their business plans and become very valuable. As triple-digit valuation as it is engaging in pilot projects of information on of blockchain companies active in
Crypto Valley.
Technology Partner In collaboration with
CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applications .6
Crypto Valley Top 50 decentralization where nodes are operated by the 02 Blockchain Financial Industry
Companies
community. At this stage, delegation, incentive sche-
mes and reward systems are introduced to drive Key actors in Crypto Valley focusing on financial servi-
community adoption. At the end of this phase, Carda- ces have remained consistent in their continued efforts
Sector Review no claims to be the most decentralized public block-
chain network.
to drive innovation with regards to cryptocurrencies
as an asset class, as well as developing the infrastruc-
ture for digital assets, services, and related products.
01 Blockchain Technology The Tezos Foundation underwent a change in its board
structure with Ryan Jesperson, who had successfully Regulatory clarity continues to be a key advantage
Crypto Valley is home to important protocol layer led the foundation to stability, stepping down as foun- for companies in Crypto Valley, especially in finan-
projects and many foundations and their related deve- dation chair. The foundation board is solely respon- cial services. As of late, Liechtenstein has enacted its
lopment companies have chosen it as their main domi- sible for its composition and has elected Hubertus Blockchain Law. In Switzerland, the first chamber of
cile. In the first half of 2020, there was a large increase Thonhauser as the new Chair. Tezos is advancing its the Swiss Parliament has passed the DLT Legislation
in market capitalization of networks and the message technology in many areas and has established part- Act, an umbrella act which amends 9 Federal Statutes
was very clear: Projects are delivering on their techno- nerships in key verticals, notably finance and gaming. and further clarifies the characteristics of digital assets.
logy, and markets are rewarding progress. In addition, Tezos continues to build out the team at When enacting this law in early 2021, Switzerland will
its domicile in Zug. The transparency introduced by be the undisputed global leader for DLT regulation,
In this report, Near Protocol and Velas Network were the Tezos Foundation for its grant process, internal secondary markets infrastructure, and defining the
added to the Crypto Valley Top 50. Near Protocol controls and progress reports serves as a role model characteristics of digital assets.
was able to raise substantial amounts from renowned for the entire industry.
investors and Velas has seen its network value increase Aave was added to the Crypto Valley Top 50 as the
significantly. Bitmain was removed from the Top 50 Following a successful raise, Dfinity has aggressively first DeFi (Decentralized Finance) project. With AAVE,
Report, as it no longer has any significant presence in recruited talent both in Crypto Valley and from around Crypto Valley counts a well funded DeFi project as part
Crypto Valley. the globe. It reached two major milestones where it of the CV VC Top 50. The project is Venture Capital
demonstrated applications running on its open plat- backed and has rolled out several lending pairs, fueling
Ethereum has been under pressure to deliver on miles- form, including a social network and a video sharing a strong increase in network valuation.
tones and challenging technical solutions for ETH2.0; application similar to that of TikTok.
it continues to boast the largest developer community, TokenSuisse and Xapo have been removed from
and the Ethereum Foundation has provided grants to Near Protocol raised substantial amounts from a broad the Top 50. TokenSuisse ceased operations and is
at least 9 teams to work on critical parts of the tech range of investors for its novel parallel computation now operating under Tallyon, which aims to obtain
stack. blockchain protocol. The founding tech team has an a banking license. Xapo has reduced its operational
outstanding academic and programming record and footprint in Crypto Valley, while it can still be assumed
After proving the capabilities of the current release, was able to attract renowned investors in its $12.1M that it is using storage facilities in Switzerland to safe-
Polkadot has started to decentralize the network and round. guard its holdings.
increase the number of validators. Interoperability
between blockchains is a hot topic for many projects, The Velas Network has been live for one year and has Two licensed crypto banks, SEBA Bank AG and
which is why Polkadot is closely followed by numerous a network value of $85M. Its modified PoS, enabled Sygnum Bank AG, are launching innovative products
project-specific tech communities. with Artificial Intelligence and transaction capabilities, that target institutional and retail clients. Sygnum
has excited developer communities across the world. launched a Swiss Franc (CHF) stablecoin amongst its
Cardano has released the Shelley version of its offering, and SEBA also introduced a number of new
network, moving from a federated network to more products.
Technology Partner In collaboration with
CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applications .7
Bitcoin Suisse AG announced its first outside finan- allowing for representation through a limited number $250M, and has listed its utility token on Bittrex Global.
cing round , successfully raising $48M at a valuation of persons. In response, Daura AG organized a comple- The company developed a forgery-proof biometric
of CHF 250M. The round serves to increase the capital tely virtual annual general meeting, which included the passport for works of art, guaranteeing authenticity
base for the process of applying for its banking licen- execution of corporate actions on blockchain infras- and complete provenance for artists and collectors.
se. In addition, Bitcoin Suisse has launched products tructure. Similar infrastructure from platforms like Unique technology enables the surface structure of a
for staking clients’ assets. Tokengate will enable issuance, administration, trading, work of art to be read by a smartphone and conver-
and custody for issuers in fully serviced System-as-a- ted into a digital fingerprint. The company has 2 billion
Metaco SA, which has been providing its technolo- Service (SaaS) environments. of its coins in reserve, trading in the range of 0.11 and
gy to central banks as well as tier 1 and 2 banks, has 0.15.This implies a valuation of approximately $250M
raised $20M over several rounds. As an early adopter The research hub at the Bank of International Sett- for its reserve.
for cryptocurrencies, its technology has been a part lements (BIS) in Basel, is working together with the
of banking infrastructures ever since the compnay’s Swiss National Bank (SNB) and the digital exchange of Utopia Music AG continues building its ecosystem of
founding. SIX Group (SDX), and has highlighted the importance applications and has confirmed a pilot project with
of digital settlements. The issuance of CHF denomi- Swiss-based collection agency SUISA to deploy its
Crypto Finance AG managed to raise $14M in a Series nated stablecoins by both Bitcoin Suisse and Sygnum technology.
B round to secure its Securities Dealer license, with Bank underlines the progress towards a natively digital
notable investors being drawn from Switzerland and settlement layer. Intellectual property rights management enabled by
China. blockchain holds significant promise. The use of an
Among blockchain protocols, Tezos has taken a promi- immutable, universal ledger, which allows for more
Taurus Group SA closed its Series A round with over nent lead as it supported applications in real esta- accurate, timely accounting, as well as the settlement
$8M intended for the expansion of its products and te tokenization, investment banking, and transaction of royalties, seems like a dream for artists that may
services. Investors included renowned private banks infrastructure services. The foundation has released have to wait months or perhaps years for payments,
and the Tezos Foundation. Both Crypto Finance and proposals for token standards called FA2, allowing for or, in many cases, never get paid. 4ARTechnologies
Taurus have a strong position in custody, brokerage single and multi-token contracts through one standard and Utopia now have valuations by traditional inves-
and investment products for crypto and digital assets. API. FA2 provides developers with a wide latitude to tors, which indicate that they are making significant
define and invent token types with complex token inte- progress in making blockchain-enabled IP rights mana-
Incumbents continue to expand offerings for the cryp- ractions whilst maintaining a standard API for wallets gement to a reality.
to space. As a partner to Kraken, early mover Bank and external applications.
Frick & Co. AG is providing customers the facility to Modum.io AG continues its push into critical supply
fund Kraken accounts in both EUR and CHF. 03 Blockchain Other Industries chain tracking enabled by IoT and AI, and secured
by blockchain. Interestingly, its voting token will be
InCore Bank AG, a business to business transaction Use cases of blockchain and DLT infrastructure outside swapped for participation rights and/or cash, with
bank, has announced infrastructure services in crypto of financial services and cryptocurrencies are starting the exchange period set by the company ending in
and digital assets aimed at banks, with its first client to grow. Supply chain tracking, information verifica- 3Q2020.
being Maerki Baumann & Cie., a renowned private tion, time-stamped certificates, and other similar appli-
bank. InCore specifically highlighted the importance cations are already in use across several industries. The
of digital assets for it’s future operating model. three companies listed in this section of the CV VC
Top 50 Report all address multi-billion dollar market
COVID-19 challenges brought tokenization of equity opportunities.
to the forefront. During the crisis, companies restric-
ted access to annual meetings and instituted rules 4ARTechnologies AG raised $45M at a valuation of
Technology Partner In collaboration with
CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applicationsinnovation and growth .8
Crypto Valley Top 50 Companies and
Challenger Companies employees in Crypto
Valley
This section lists projects and companies that have a The gold industry is starting to embrace DLT for Despite the crisis and travel restrictions, the Crypto
high chance of being included in one of our upcoming reconciliation, tracking, and documentation. Axedras Valley ecosystem continues to grow and attract new
Top 50 Reports. The comprehensive list can be found Holding AG is building infrastructure for the digitiza- companies. The number of firms active in this bustling
in a subsequent section of this report; a few members tion of the global value chain. Switzerland is one of the sector in Switzerland and Liechtenstein has increased
of that list are highlighted here. largest bullion markets, and remains home to many of to 919 (compared to 842 in the previous reporting
the key global players. period ending in December 2019).
Daura AG emerged as a contender for the Top 50
as the COVID-19 crisis brought special challenges to NOVEM Gold AG has listed its gold backed token in In the first half of 2020, 31 companies disappeared or
corporate governance. Daura set out to provide an compliance with Liechtenstein’s regulatory framework. moved, whereas 51 new companies joined the sector.
easy-to-use platform for the digitization of equity As an exception to the many gold token projects, The steady growth over several reports (1H2019: 792;
shares for a wide range of users. In addition, it offers Novem has achieved all its milestones, including 2H2019: 842; 1H2020: 919), reflects an overall maturing
a blockchain-based execution framework for corpora- listings on exchanges. The company allows token of the sector. Despite challenges on the funding side of
te actions. The recent crisis made it clear that share- holders to take delivery of physical gold in small units, business, there is a steady stream of startups that are
holder representation, corporate actions, and annual enabling a wide range of retail investors to store physi- being founded in or have chosen to relocate to Cryp-
meetings could no longer be taken for granted, calling cal gold in digital form. to Valley. As more established firms consider block-
for a new way to complete regulatory requirements. chain technology, digital assets, and cryptocurrencies
Crypto Valley companies continue to spearhead the as important to their activities, the list of companies in
Snappy, a secure and fast payment system, was laun- development of innovative infrastructure for financial this sector continues to grow at a healthy pace.
ched at ETH by a team around Srdjan Capkun. User markets. Several of the most important core banking
experience and infrastructure for timely settlement of software providers are located in Switzerland, and it Regulatory clarity continues to make Switzerland an
payments with the cryptocurrency ether is lacking and should come as no surprise that DLT-based innovations attractive domicile for companies in the blockchain/
the team is focusing on safety and usability. in banking and financial products have also emerged. DLT sector. It is to be expected that even more compa-
Atpar.io has built a framework to represent financial nies, especially established players in financial services
HOPR Protocol raised an initial seed round from Binan- contracts and their logic on the Ethereum network, and technology, must consider setting up operations
ce Labs. The team sets out to change data privacy for allowing for modular use when issuing and interacting in Switzerland once the new DLT Act is in force (see
the better as the HOPR protocol ensures that everyone with other assets issued on Ethereum. Ariadne.swiss subsequent section on regulation).
has control of their privacy, data, and identity. Given is promising to radically simplify risk management,
the high profile team members and backers, as well as reporting, and core banking with smart contracts. The report identifies nine hotspots in Crypto Valley:
the current prevalence of the privacy topic the announ- Zug, Zurich, Liechtenstein, Geneva, Ticino, Neuchatel
ced token sale will be interesting to watch. Vaud, Lucerne, and Bern. Zug continues to be the heart
of Crypto Valley, as about half of all companies make
The financial service sector continues to see signifi- Zug their home (439). The Canton of Zurich counts
cant growth in funding, activity, and product develo- 161, 84 in Liechtenstein, 49 in Geneva, 44 in
pment. 21shares (formerly known as Amun) continues
expanding its product offering, including options for
the public.
Technology Partner In collaboration with
CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applications .9
Ticino, 28 in Neuchatel and Vaud, 18 in Lucerne, and now onece again counts 6 Unicorns (see section on wide range and as this project advances, it is likely to
16 in Berne. Unicorns). reach unicorn status again.
Crypto Valley Unicorns (valuation) include Ethe-
The companies located in Crypto Valley continue to For companies building blockchain/DLT technolo- reum ($25.3B), Cardano ($2.2B), Dfinity ($2B), Tezos
employ over 4700 employees. An important develop- gy and developing business models enabled by this ($1.8B), Polkadot ($1.2B), and Libra ($1B).
ment to note is that the Top 50 companies significantly technology stack, venture capital funding is essen-
increased personnel. The top firms now employ over
776 people in Switzerland and Liechtenstein, a signifi-
tial. Despite the crisis, in the first half of 2020 new
protocols, security technology, financial services, and Regulatory
environment in
cant increase from December 2019, when this number other sectors in the Top 50 have seen double-digit
stood at 733, as many of the major players have increa- million-dollar funding rounds. This resulted in valua-
sed their operational capabilities and funded compa- tions in the triple-digit million-dollar territory for many
nies have expanded their presence in Crypto Valley. of the venture-funded companies in the Top 50. Stra-
tegic investors and venture capital clearly believe that
Crypto Valley
The COVID-19 pandemic has certainly had an impact Crypto Valley holds prominence in key areas when it Switzerland has now prioritized the so-called “DLT
on employment levels overall. The measures taken by comes to technology, financial services, and a regu- legislation Act”, which was drafted as a result of exten-
the Swiss Federal Government and Cantonal Govern- latory framework that ensures that business models sive industry consultation as well as a strong push
ments enabled companies to draw on emergency liqui- can be executed. from the country’s executive branch, the Swiss Fede-
dity facilities and specific startup funding (see below). ral Council. The umbrella act, which amends 9 Federal
Overall, the funding of Crypto Valley companies (i.e. Statutes, has now passed the first chamber (Natio-
Valuation and funding amounts invested in the project/firm) amounted to
$5.3B at the end of June 2020.
nalrat) and is slated to be discussed in the second
chamber (Ständerat) in the fall session of parliament.
of companies in Crypto Switzerland opted to modify a number of existing laws,
introducing changes only where necessary. The result
Valley
Unicorns in Crypto Valley
is the world’s leading regulatory framework and legal
Crypto Valley has counted a number of its Unicorns basis for issuance, trading, and ownership of digital
(i.e. firms valued at $1B or more) since the early days. assets, including securities.
The valuation of the Top 50 companies in Crypto Valley The volatility of market capitalizations is significant
reached $37.5B at the end of June 2020. In December, and therefore the list typically changes in every new The main elements pertain to:
this figure stood at $25.3B. Excluding Ethereum, the report. As of the end of June 2020, Crypto Valley is
valuation of the Top 50 companies at the end of June home to 6 Unicorns, up from 5 in the previous report. • Securities Law: Digital securities will have all func-
2020 was $12.3B, a healthy increase from $10.8B on tionalities of traditional “paper securities” (which
December 31, 2019. Tezos and Cardano have joined the list of Crypto Valley were dematerialized some time ago)
Unicorns. Both networks have experienced significant
Crypto markets continue to be volatile and impact the valuation increases and are now well into Unicorn terri- • Insolvency Law: Clarification on the segregation
valuations in Crypto Valley. In the first half of 2020, tory. Bitmain is no longer listed as a Unicorn in Crypto of crypto assets
many major networks saw their value increase signifi- Valley, as it ceased activities in the region. The tech-
cantly. Numerous protocols made significant progress nical communities around Ethereum, Tezos, Cardano, • Financial Market Regulation: The establishment
in 2020, delivering on technical milestones and decen- Polkadot, and Dfinity are significant in Crypto Valley, of a new DLT trading license, which will enable
tralization. The markets have since rewarded these as these protocols deliver on development and release issuance, trading, and post trading under one
activities with increased valuations. Crypto Valley milestones. The valuation of Cosmos has had a very license
Technology Partner In collaboration with
CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applicationstion . 10
Despite COVID-19 emergency legislation, the DLT Act The Canton of Zug participated in this facility with a to Zug. Zug has long been reputed for its business
was prioritized by the Lower House and passed with a CHF 5M contribution, resulting in a total credit guaran- friendly atmosphere and remains home to many
vote of 192:0. It is expected that the second and final tee amount combined with federal funds of CHF 15M companies in commodities trading, pharmaceuticals,
debate will occur sometime around Autumn in the that was made available to startups in Zug. and finance. A network of individuals from the Bitcoin
Upper House and all changes to the law take effect and cryptography space have since joined this list.
in early 2021. As in-person meetings and meetups became impos- XAPO, the leading Bitcoin storage provider of the day,
sible or forbidden by local authorities, online commu- was the first company to take advantage of Switzer-
The amendments to existing laws will enable further nities and events started to thrive. It was not just the land’s strong property protection and its rich heritage
digitization of Swiss Capital Markets. Regulatory clari- largest events in Crypto (Consensus NY, Cardano of financial security.
ty in the Swiss Jurisdiction is already very high, and conference) that moved online, but the Crypto Valley
by enacting this law in early 2021, Switzerland will be Association also held important online events with Attracted by early Bitcoiners and the openness of
the undisputed leader for regulation in DLT as well as global participation in the hundreds for each event. regulatory authorities to enable technological inno-
related primary and secondary markets infrastructure. CV Labs, Zug’s main meeting place for the crypto/ vation, a group of nerds rented a house outside Zug
blockchain scene, held several events via online strea- to complete the next generation blockchain. Ethereum
Impact of the ming with participation in excess of 200 people. launched in 2015, creating yet another global tech-
nological innovation. On May 3, 2016, the city of Zug
Pandemic in Crypto The consequences of the pandemic on the economy
overall, startups, and the Crypto Valley ecosystem
announced that it would accept Bitcoin as a means
of payment. The world took notice, and Zug subse-
Valley specifically, can not be assessed at this point. During
the crisis, a number of firms saw funding sources dry
quently became a prime location for doing business.
up, whilst others closed financing rounds of several One of the key innovations on Ethereum is the ability
The impact of COVID-19 on the Crypto Valley ecosys- millions. During any crisis, Switzerland, with its stable to issue tokens with a specific function. The first use
tem is similar to other startup environments. Funding political and economic outlook, will remain a favorite case for such a technology is high-performance crow-
a startup became very difficult, as angel investors and location for companies to operate out of. dfunding using programmable money. The resulting
family offices ceased all activities until the uncertainty “ICO boom” of 2017 and 2018 attracted many legitima-
in financial markets receded.
A brief history of the te and, unfortunately, some not so legitimate projects.
A survey that was conducted among Crypto Valley
firms during the early days of the crisis indicated Crypto Valley In early 2018, the Swiss supervisory body of financial
markets (FINMA) stepped in to provide guidance and
that many faced significant challenges with secu- classifications for tokens, clarifying what was and what
ring funding for runways longer than 6 months. The The history of Crypto Valley has many known and was not allowed under current law. This regulatory
Swiss government’s emergency financial aid package unknown heroes. No single event or person can clarity spawned an entire industry of legal advisors,
to support the economy was geared more towards create such a thriving ecosystem, amend regulatory KYC/AML providers, brokers, financial intermediaries,
established companies. frameworks, or promote a location to hundreds, if not custodians, and advisors.
thousands, of entrepreneurs around the world. Instead,
Still, a number of measures, such as short-term work many actions by individuals, government agencies, and In the financial services area, this development culmi-
(in essence a temporary government subsidy for companies, created a unique set of historical circum- nated in the approval of two crypto banks in Switzer-
paychecks) and emergency liquidity credit facilities stances over time. land. Overall, there are more than 4700 employees
for companies based on the percentage of sales or working at various blockchain and crypto companies
cost basis, became accessible for companies opera- In 2013, Bitcoin Suisse began as a trading company in Crypto Valley.
ting in Switzerland. The Swiss government additionally focusing on Bitcoin trading and moved its operations
provided a CHF 150M loan guarantee facility intended
specifically for startups.
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applicationsh . 11
Universities engaged
in Blockchain and DLT
For decades, Switzerland has led rankings in compe- technical conference on blockchain, and HSR Rapper-
titiveness, intellectual property registrations, and a swil remains on the forefront of DLT with regards to
number of research and teaching institutions regu- technical applications. Protocols are also increasin-
larly lead global rankings in their respective fields of gly engaging with the technical community, as many
expertise. On a statistical note, Switzerland is ranked of the technical challenges they face are substantial
4th in the number of Nobel Prize winners per capita. and require significant work on a research level. The
combination of world-leading academic institutions
Information technology, computer science, mathema- and the presence of the most important technical
tics, physics, and chemistry have a long and storied projects in blockchain should lead to substantial inno-
tradition in Switzerland’s academic institutions. It is vation in Crypto Valley.
therefore no surprise that leading universities and
research institutions in Crypto Valley are working on
blockchain-related topics. In addition, several universi-
ties in the field of applied sciences are providing conti-
nued professional study courses on the topic.
Research activities are largely centered around the
cluster of ETH, EPFL, University of Zurich, University
of Basel, HSR for Technology Rapperswil, and the
University of Lucerne. ETH has famous institutes for
distributed computing, IT security and is the birthplace
of well-known computer languages. EPFL, with a dedi-
cated institute on digital trust (C4DT), is engaging in
a wide industry-supported initiative where blockchain
is a critical component. The Blockchain Center at the
University of Zurich has created a wide range of acti-
vities, including a dedicated MAS, research projects,
and a unique interdisciplinary approach that draws
on expertise from the largest faculty in Switzerland.
The University of Basel heavily focuses on capital
markets and the future of finance, whereas the Univer-
sity of Lucerne is the steward of the the world’s leading
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 12
Universities engaged in
Blockchain and DLT
University HWZ University of
EPFL
of Bern Zürich St. Gallen
Lausanne
Bern Zürich St. Gallen
HSR Hochschule
Digital Finance University
UNIBAS für Technik
IMD of Zurich
Basel Rapperswil
Lausanne Zürich
Rapperswil
HSLU Lucerne School
University of University of
of Information ETH Zürich
Neuchatel Liechtenstein
Technology Zürich
Neuchatel Vaduz
Lucerne
HES-SO Valais-Wallis
Sierre
Université de
Genève
Genève
Technology Partner In collaboration withCV VC Top 50 Report H1/2020
Blockchain industry
in Crypto Valley
visualized
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 14
CRYPTO VALLEY
TOP 50 COMPANIES
PER SECTOR B LO
C KC H A I N OT H
ER
IN
DU
ST
The CV VC Top 50 Report H1/2020 lists the core Bloc- R
I
kchain Ventures in Switzerland and Liechtenstein. Key
E
S
selection criteria: Funding, valuation, and employees
in Switzerland and Liechtenstein.
Top 50 companies
INDUSTRY
G L O B A L
US$ 37.5B 6
valuation unicorns
US$ 3.7B 776
funding total employees TOP 50
CIAL
B LO
Crypto Valley Total
N
NA
CK
FI
C
919 4,784
HA
IN
blockchain companies employees
A
IN
H
C
T
K
E
C C
O H
N
BL LO
O
GY
The Crypto Valley’s Top 50 companies per
3 sectors: Blockchain Financial Industry,
Blockchain Technology and Blockchain Other
Industry.
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 15
CRYPTO VALLEY 161
COMPANIES PER 28 439
ZURICH
CANTON NEUCHÂTEL ZUG
Crypto Valley, which includes both Switzerland and
Liechtenstein, is home to more than 919 blockchain/
cryptocurrency companies. CV VC research shows
eight hotspots in Crypto Valley: Zug, Zurich, Geneva, 84
Ticino, Liechtenstein, Vaud, Lucerne, and Bern. Zug LIECHTENSTEIN
remains the heart of the Crypto Valley, with 439 regis-
tered companies. The Canton of Zurich counts 161, 28
VAUD
Geneva 49, Ticino 44, Neuchatel and Vaud 28, Lucer-
ne 18 and Bern 16. The Principality of Liechtenstein
counts 84 companies.
ZH
400
100-200
20-50
NE - VD - GE
TI - FL
919 49 44
1-20
COMPANIES
ZG GENEVA TICINO
0
Number of startups per canton. The darker the color, the more companies are registered in that canton.
Only cantons with 20+ registered companies are named. Example: Zug has 400+ companies so it is
colored in dark blue and indicated with ZG.
Technology Partner In collaboration withCV VC Top 50 Report H2/2019 Blockchain industry in Crypto Valley visualized . 16
CRYPTO VALLEY
TOP 50 COMPANIES
EMPLOYMENT LEVELS 100
The Crypto Valley blockchain and cryptocurrency 60
EMPLOYEES IN SWITZERLAND AND LIECHTENSTEIN
ecosystem employs over 4700 professionals in Swit-
zerland and Liechtenstein.
50
Employees in Crypto Valley
20
Top 50 companies
776 10
EMPLOYEES
Crypto Valley all companies 5
4784
EMPLOYEES
3
1
2012 2013 2014 2015 2016 2017 2018 2019
INCORPORATION
Incorporation vs. employees. The X axis displays the incorporation date of Crypto Valley’s Top 50
companies, while the Y axis displays the number of people that each company employs. Example:
The newer the company and the more people it employs, the further it is positioned in the upper right
quadrant
Technology Partner In collaboration withCV VC Top 50 Report H2/2019 Blockchain industry in Crypto Valley visualized . 17
VALUATION AND
FUNDING $45BL
Total valuation
Crypto markets continue to be volatile and impact $35BL
the valuations in Crypto Valley. In the first half of
2020, many major networks saw their value increa-
se substantially. Numerous protocols made significant
progress in 2020, delivering on technical milestones $30BL Total valuation
and decentralization. The markets have since rewar-
ded these activities with increased valuations. Crypto
Valley now counts 6 Unicorns once again (see section
on Unicorns). $30BL
Crypto Valley’s Top 50 Companies
valuation and funding Total valuation
$25BL
H1/2019 H2/2019 H1/2020 Ethereum
Ethereum
$20BL
US$ 42.6 US$ 25.3 US$ 37.5
Billion Billion Billion
valuation valuation valuation $15BL Ethereum
US$ 12.1 US$ 10.8 US$ 12.3
Billion Billion Billion
valuation w/o valuation w/o valuation w/o $10BL
ethereum ethereum ethereum Cardano
Cardano
Cardano
US$ 3.8 US$ 4 US$ 3.7 $5BL Dfinity Foundation
Dfinity Foundation
Billion Billion Billion Dfinity Foundation
Polkadot
Polkadot
Cosmos Network
funding funding funding Polkadot Cosmos Network Libra
Cosmos Network Libra
Libra Tezos Tezos
$0BL
NOTE: The composition of the TOP 50 changes slightly each H1/2019 H2/2019 H1/2020
reporting period (additions and subtractions noted in the
report).
Unicorns
Ethereum Tezos Polkadot Technology Partner In collaboration with
Cardano Dfinity LibraCV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 18
Blockchain Technology
Near
Deon Securosys
Digital
HDAC
Valuations of large platforms are volatile and domina-
ted by Ethereum. Crypto Valley is home to 7 large
projects that drive technology innovation. The value of
platforms and projects in this category will be driven
by how many successful applications are built by Icon
entrepreneurs and enterprises utilizing specific chains. Polkadot
Cysec Cardano
Aeternity
Velas
Status
Casper
Labs Cosmos
Ethereum
Lisk
Bancor
Tezos Dfinity
Waves
Concordium
Santiment
Aragon Golem
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 19
Financial Industry Shift
Algotrader Cryptosecurity
Crypto Valley is a hotbed for Fintech, as startups can
draw from a large pool of talent and proximity to Nexo
many players in traditional finance. Valuations have
been driven by the new Crypto Banks and a range Aave
of players providing critical services, such as brokers, Mt
asset managers, liquidity providers, payment tech, Seba Bank Pelerin
exchanges, storage and custody.
Cryptix
Eidoo
Bittrex
Global
Crypto
Lykke
Finance Libra
Coreledger
Custodigit
Smart
Sygnum Bitcoin Valor
Bank Suisse
Taurus
Group
Metaco
Flov
Bity Zulu
Technologies
Republic
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 20
Other Industries
Companies such as 4Art and Utopia are building new
business models on the strength of their blockchain
based technology stack. Given the advantageous
regulatory framework, it can be expected that more
startups and large corporates will choose to bring their
business to Crypto Valley.
4ARTechnologies
Etherisc
Utopia
Music
Modum
Smart
Containers
Technology Partner In collaboration withCV VC Top 50 Report H1/2020
Crypto Valley Top
50 Companies
listed by sector
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 22
Methodology and
Selection for the Crypto
Valley Top 50
The CV VC Top 50 Report lists the major blockchain com-
panies in Crypto Valley (Switzerland and Liechtenstein)
excluding companies or organizations from the following
categories: service providers, academia, education,
events, association and media.
Technology Partner In collaboration with01
CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 23
Blockchain •
•
DATA & ANALYTICS
HARDWARE & INFRASTRUCTURE
Technology
COMPANY NAME DESCRIPTION
• PLATFORM & PROTOCOL $17,200,000 CB
Golem
FUNDING
Golem is a global, open source, decentralized
supercomputer that anyone can access. It is made
$50,751,933 CMC
up of the combined power of users machines,
VALUATION
from PCs to entire data centers.
Token Ticker:
GNT
Sub-Category:
2 Li
Source: Corporate Contact (CC); CrunchBase (CB); IcoBench (IB); TrackIco (TI); Desk Hardware & Infrastructure EMPLOYEES CH
Research/Press (DR) Coinmarketcap (CMC); Corporate Website (CW); LinkedIN (Li), Esti-
mate (2), Valuation equals Funding (1), No information (N/A)
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$12,215,250 CC $15,000,000 CC
Santiment Deon Digital Deon Digital leverages more than 10 years of
academic research, a world-class R&D team,
FUNDING FUNDING
and the power of distributed ledger technology
Santiment creates tools to help analyze the to turn any form of contracts into automatically
crypto market and find data-driven investment managed digital contracts.
opportunities. The project provides clean and $9,010,711 CC Contracts are at the core of a company cove- $58,000,000 CC
reliable on-chain, social media and develop- ring all its operational aspects: sales/purchase,
ment information on over 1000 crypto assets, VALUATION production, salaries, loans, insurance, pensions, VALUATION
Token Ticker: and develops unique metrics, signals, strategies Token Ticker: transportation, mobility, logistics, energy, etc.
SAN and reports on top of their custom datasets. N/A Deon Digital technology captures them all; it
Sub-Category:
2 CC Sub-Category:
stores, executes and monitors digital contracts 21 CC
securely, privately, and automatically. It drama-
Data & Analytics EMPLOYEES CH Hardware & Infrastructure tically reduces the amount of human and econo- EMPLOYEES CH
mic resources lost in translation from company
strategy to contracts to verified IT systems.
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$1,500,000 DR $1,250,000 CB
Cysec Systems Securosys
FUNDING FUNDING
ARCATrust aims at providing valuable hardware $10,000,000 2 Technology company dedicated to securing data
and communications. We develop, produce, and
$40,000,000 CC
and software platform solution for storing and
distribute hardware, software and services that
managing dynamically digital assets. VALUATION VALUATION
protect and verify data and their transmission.
Token Ticker: Token Ticker:
N/A N/A
Sub-Category:
16 Li Sub-Category:
20 Li
Hardware & Infrastructure EMPLOYEES CH Hardware & Infrastructure EMPLOYEES CH
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 24
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$24,426,689 IB $63,000,000 TI
Aeternity Cardano
FUNDING FUNDING
æternity is a new blockchain technology, desig-
Cardano is a decentralised public blockchain and
ned to deliver unmatched efficiency, transparent
governance and global scalability. æternity is a
$41,533,595 CMC cryptocurrency project and is fully open source. $2,167,358,444 CMC
Cardano is developing a smart contract platform
scalable blockchain platform that enables high
VALUATION which seeks to deliver more advanced features VALUATION
bandwidth transacting, purely-functional smart than any protocol previously developed.
Token Ticker: Token Ticker:
contracts, and decentralized oracles.
AE ADA
Sub-Category:
8 Li Sub-Category:
6 Li
Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$25,000,000 CB $14,500,000 2
Aragon Create value without borders or intermediaries. Casper Labs
Aragon is being built because so that decen- FUNDING FUNDING
tralized organizations can solve the world’s Casper Labs presents the design for a new
worst problems. Aragon is a project that aims Turing-complete smart contract platform, backed
to disintermediate the creation and mainte-
nance of organizational structures by using
$42,466,726 CMC by a proof-of-stake (PoS) consensus algorithm,
and WebAssembly (wasm). The intent is for this
$100,000,000 2
blockchain technology. The company wants to design to be implemented as a new permission-
VALUATION VALUATION
empower people across the world to easily and less, decentralized, public blockchain. The consen-
Token Ticker: Token Ticker: sus protocol is built on correct-by-construction
securely manage their organizations. Aragon
ANT provides the tools for anyone to become an N/A (CBC) Casper work.
Sub-Category:
entrepreneur and run their own organization, 1 Li Sub-Category:
4 CC
to take control of their own lives.
Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$152,300,000 CB $10,000,000 2
Bancor Concordium
FUNDING When launched in 2020, the Concordium bloc- FUNDING
kchain will be a Level-1, Proof-of-stake, regula-
tory-compliant, enterprise-grade blockchain with
Bancor allows you to convert between any two
$72,571,854 CMC
verified identity of users built-in at the protocol
tokens on our network, with no counterparty, level and with application of zero-knowledge $150,000,000CC
at an automatically calculated price. Thanks proofs. Technological innovations will enhance
to built-in liquidity, the future of user-genera- VALUATION its performance and allow the blockchain to be VALUATION
Token Ticker: ted tokens is here. fast without compromising security, be scalable,
Token Ticker:
offer interoperability and it’s partial synchro-
BNT GTU
Sub-Category:
2 Li nicity adjust to the speed of the internet and
ensure that Concordium won´t break under any 5 CC
Sub-Category:
circumstances.
Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 25
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$17,000,000 CB $258,000,000 IB
Cosmos HDAC
Interchain Foundation, a Swiss non-profit, which
FUNDING FUNDING
is responsible for co-ordinating fundraising and
allocating funds to get the network off the ground.
The foundation will suggest a distribution of Atoms
according to the results of the fundraiser. Users
will ultimately decide the distribution for them-
$495,998,911 CMC Backed by Hyundai BSandC, Hdac’s new tech-
$63,910,000 2
selves when they run the software. The Interchain nology allows fast, secure and effective commu-
VALUATION VALUATION
Foundation will suggest that 5% of the Atoms nication between IoT devices.
Token Ticker: go to its initial donors, 10% go to the Interchain Token Ticker:
ATOM Foundation, 10% go to the company developing HDAC
Sub-Category:
most of the software, and the remaining 75% to
be distributed according to the results of the
32 Sub-Category:
2 Li
Platform & Protocol private and public fundraisers. EMPLOYEES CH Platform & Protocol EMPLOYEES CH
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$200,000,000 DR $45,000,000 DR
Dfinity Foundation Dfinity is a blockchain based world computer ICON
network that is powerful enough to host busi-
FUNDING The ICON project is building one of the largest FUNDING
ness applications at scale. The network features
a variety of innovations in the blockchain space. decentralized networks in the world. Promo-
The Dfinity network is self-governing through tion and development of new technologies and
the use of an adaptive network called the Bloc-
kchain Nervous System (BNS). The network is
$2,000,000,000DR applications, especially in the areas of new
open and decentralized software architectures.
$160,357,819 CMC
also capable of achieving transaction finality at In the foreground - but not exclusively - is the
VALUATION VALUATION
an average speed of 7.5 seconds due to advan- promotion and development of the so-called
Token Ticker: cements in random number generation and Token Ticker:
ICON protocol and the corresponding techno-
DFN selection. The Dfinity protocol uses Verifiable ICX logies, as well as the promotion and support of
Sub-Category:
Random Functions (VRFs), BLS Cryptography 32 Li Sub-Category:
applications using the ICON protocol. 1 Li
and the Threshold Relay technique (powered
Platform & Protocol by a random beacon) to achieve these speeds. EMPLOYEES CH Platform & Protocol EMPLOYEES CH
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$18,400,000 CB $5,800,000 CB
Ethereum Ethereum is a decentralized platform that runs Lisk
Develop and publish blockchain applications
smart contracts: applications that run exactly as FUNDING FUNDING
programmed without any possibility of downti- with your own sidechains on the open-source
me, censorship, fraud or third-party interference. Lisk Platform. Promotion of new technology
These apps run on a custom built blockchain, an developments and applications, in particular
enormously powerful shared global infrastructure $25,229,805,218 CMC promotion and maintenance of new open decen- $141,934,581 CMC
that can move value around and represent the tralized software architectures. In the foreground
ownership of property. This enables developers VALUATION - but not exclusively - is the promotion and VALUATION
to create markets, store registries of debts. or development of the so-called Lisk protocol and
Token Ticker: Token Ticker:
promises, move funds in accordance with instruc-
ETH LSK the corresponding technology as well as the
10 Li 4Li
tions given long in the past (like a will or a futures
promotion and support of applications using
contract) and many other things that have not
Sub-Category: Sub-Category: the Lisk protocol.
been invented yet, all without a middleman or
Platform & Protocol counterparty risk. EMPLOYEES CH Platform & Protocol EMPLOYEES CH
Technology Partner In collaboration withCV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 26
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$12,100,000 CB $232,000,000 CB
Securosys Tezos
FUNDING The Tezos Foundation is a Swiss foundation, FUNDING
supervised by the Swiss Federal Foundation
NEAR is a decentralized storage and compu- Supervisory Authority which is part of the
te platform that is secure enough to manage
high value assets like money or identity and
$12,100,000 1 Swiss Federal Department of Home Affairs.
Its purpose is the promotion and development
$1,754,583,304 CMC
performant enough to make them useful for of new technologies and applications, especia-
VALUATION VALUATION
everyday people, putting the power of the Open lly in the fields of new open and decentralized
Token Ticker: Token Ticker:
Web in their hands. software architectures including the promotion
N/A XTZ and development of the Tezos protocol and
Sub-Category:
1 Li Sub-Category:
related technologies. 4 CC
Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$1,200,000,000 DR $5,000,000 2
Polkadot Velas
FUNDING FUNDING
VELAS AG headquartered in Crypto Valley Zug,
Switzerland is the first AI-operated delegated
Polkadot empowers blockchain networks to $1,200,000,000 1 proof of stake blockchain, that allows to build $85,662,272 CMC
work together under the protection of shared decentralised applications and smart contracts
security. VALUATION on its mainnet, and ables scalability of the tran- VALUATION
Token Ticker: Token Ticker: sactions, being able to validate 30 000 transac-
DOT VLX tions per second thanks to Schnorr signatures.
Sub-Category:
52 Sub-Category:
2 CC
Platform & Protocol EMPLOYEES CH Platforms & Protocol EMPLOYEES CH
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$107,664,907 DR $142,000,000 CB
Status Waves Platform
FUNDING FUNDING
Waves creates the economics of free, perfect
and instant. The Waves Platform is a global
public blockchain platform, founded in 2016.
Status is an interface to access Ethereum, built
for Android and iOS. Enjoy encrypted messa-
$78,336,056 CMC Waves Platform’s mission is to reinvent the $115,687,666 CMC
DNA of entrepreneurship around the world
ging, a cryptocurrency wallet, and seamless
VALUATION by providing a shared infrastructure, offering VALUATION
access to DApps.
Token Ticker: Token Ticker: easy-to-use, highly functional tools to make
SNT WAVES blockchain available to every person or orga-
Sub-Category:
6 Li Sub-Category:
nisation that can benefit from it. 1 Li
Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH
Technology Partner In collaboration with02
CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 27
Blockchain •
•
BROKER, TRADE & EXCHANGE
CRYPTO BANKS
Financial COMPANY NAME DESCRIPTION
• LENDING & FUNDING $5,000,000 2
Bittrex
Industry •
•
PAYMENT & STABLETOKEN
WALLET & VAULT
Bittrex Global provides a proven and secure plat-
FUNDING
form for its customers to access the opportu-
nities of digital asset trading. Built on Bittrex’s $100,000,000 2
cutting-edge technology, Bittrex Global provides
an institutional grade experience for professional VALUATION
Token Ticker: and novice customers alike.t
N/A
Sub-Category:
2 Li
Source: Corporate Contact (CC); CrunchBase (CB); IcoBench (IB); TrackIco (TI); Desk Broker, Trade & Exchange EMPLOYEES CH
Research/Press (DR) Coinmarketcap (CMC); Corporate Website (CW); LinkedIN (Li), Esti-
mate (2), Valuation equals Funding (1), No information (N/A)
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
$5,100,000 CC $3,500,000 CC
Algo Trader Available on-premise or in the cloud, AlgoTrader Bity
is an institutional-grade quantitative trading and
FUNDING FUNDING
trade execution solution for conducting quanti-
The Swiss gateway to convert money into cryp-
tative research, trading strategy development,
tocurrencies and digital assets. Buy and sell
strategy back-testing and automated trading
for both traditional finance and crypto finance. $30,000,000 2 bitcoins and ethers. Introducing Bity Kiosks, the
easiest way to acquire or sell bitcoins with cash.
$50,000,000 2
AlgoTrader provides everything a buy-side or
Only a phone number is required. Bitcoin ATMs
sell-side firm requires to run its quantitative VALUATION VALUATION
are currently located in Geneva, Lausanne,
Token Ticker: trading and trade execution operations. It was Token Ticker:
Montreux, Neuchâtel, Zürich Hauptbahnhof
N/A the very first and most advanced quantitative N/A and Zürich Hardbrücke.
Sub-Category:
trading and trade execution software to allow
12 CC Sub-Category:
12 CC
automated trading of Bitcoin and other digital
Broker, Trade & Exchange assets. Based in Zurich, New York, and Singa- Broker, Trade & Exchange EMPLOYEES CH
EMPLOYEES CH
pore, AlgoTrader operates globally.
COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION
N/A $8,000,000 2
Bitcoin Suisse Founded in 2013, Bitcoin Suisse AG (BTCS) has CoreLedger The CoreLedger infrastructure creates a simple
been a pioneer in providing crypto-financial
FUNDING and secure platform from which to use bloc- FUNDING
services. It has helped to shape the crypto- and
kchain technology. It allows users to digitize
blockchain-ecosystem in Switzerland and has
goods and services without programming effort.
been a driving force in the development of the
‘Crypto Valley’ and ‘Crypto Nation Switzerland’.
Thanks to blockchain technology, these assets
$40,000,000 CC
As a regulated Swiss financial intermediary $300,000,000 CC can be securely and irrevocably transferred with
immutable and unfalsifiable proof of ownership.
(SRO – VQF member) since 2014, BTCS has VALUATION
VALUATION Transactions using digitized assets decrease costs
Token Ticker: become a market leader in prime brokerage, Token Ticker:
and integrate seamlessly with existing goods
N/A storage, lending, staking, tokenization, and N/A and services. CoreLedger lets users implement
Sub-Category:
other crypto-financial services catered to the
Sub-Category:
innovative new processes that simply would not 20 CC
needs of private, institutional, and corpora-
be possible using physical goods only.
Broker, Trade & Exchange te clients. BTCS has built a team of over 120 114 CC Broker, Trade & Exchange EMPLOYEES CH
highly-qualified experts at its locations in Zug,
Copenhagen, and Liechtenstein. Visit us at www. EMPLOYEES CH
bitcoinsuisse.com
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