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New Crypto Valley Top 50 shows Swiss Blockchain industry defying ‘crypto winter’


The recent fall in crypto currency prices saw the market valuation of the 50 largest Blockchain companies in Switzerland and Liechtenstein’s Crypto Valley plunge from US$44 billion to $20 billion in the fourth quarter of 2018.



Over the same period, however, the number of participating companies soared by 20% from 629 to 750. Among them are four so-called ‘unicorns’ - start-ups already worth billions of dollars.

Investment company CV VC, in collaboration with PwC Strategy & and IT partner inacta, has published its new quarterly list of the largest and most important companies in Switzerland and Liechtenstein’s Crypto Valley Blockchain cluster.

The survey finds that, at the end of December 2018, the cluster contained 750 companies using the distributed ledger technology that defines Blockchain. This corresponds to a growth of 121 companies, or almost 20% compared to the last count at the end of September 2018.

The data comes from CV Maps, an online directory of blockchain companies in Switzerland and Liechtenstein, which is maintained by CV VC. Mathias Ruch, Founder and CEO of CV VC said: "This new report clearly reflects the market correction that started in early 2018, which is significantly based on cryptocurrencies. However, it also shows that companies developing blockchain-based applications and infrastructure solutions have been able to keep up, while an impressive number of new startups with innovative use-cases have risen to the top."

20% of the global market in Switzerland and Liechtenstein

‘Crypto winter’, as 2018’s severe market reversal has been nicknamed, has affected the valuation of participating companies but not their number. The market capitalization of the top 50 dropped from $44 billion to $20 billion in Q4 2018, a decrease of 55%. Most cryptocurrencies worldwide lost value during this period. The global crypto market according to Coinmarketcap was valued at the end of 2018 at $130 billion. The Crypto Valley Top 50 accounts for nearly 20% of this market. Ralf Glabischnig, Founder and Managing Partner at inacta: “In addition to the growing number of startups we observe increased activities of corporates entering the blockchain space with their own projects or startup investments”.

On average, the top 50 companies are valued at $400 million each. Excluding the five largest, the average figure is still $365million; a sign that concentration is relatively low. The average valuation of all 750 companies was estimated at $27 million. Four unicorns – startups valued at over $1billion – are present in Crypto Valley: Ethereum, Bitmain, Dfinity and Cardano.

Around 420 people work in Switzerland and Liechtenstein in the 50 largest blockchain companies. Overall, the industry employs more than 3,300 people, most of them in the area between Zug and Zurich. The survey finds that it is business as usual for many companies despite the collapse in value on the crypto exchanges.

While over half of Blockchain companies are based in the canton of Zug, Crypto Valley extends to many other Swiss cantons: 42 are now in Geneva and 39 in Ticino. Switzerland’s neighbouring microstate of Liechtenstein registers 38 crypto companies according to CV Maps. There are no entries in the blockchain register yet from Appenzell, Innerrhoden, Glarus, Jura and Obwalden.

15 new companies in the Top 50

Compared to the previous quarter, 15 companies entered the top 50 in the fourth quarter:
Sygnum, HDAC, ICON, 4ARTechnologies, WPP Energy, Nexo, ODEM, Mt. Pelerin, Saga, Boscoin, Utopiamusic, Santiment, Quant Network, TokenPay Swiss und Zulu Republic.

Dr. Daniel Diemers, Blockchain Leader EMEA bei PwC Strategy: “This high dynamic in the middle of the crypto winter is very positive. It shows that the appeal of Switzerland as one of the world's most attractive locations for blockchain startups remains unbroken”.

The second report on the Crypto Valley’s Top 50 contains a challenger list. According to CV VC, inacta and PwC Strategy&, the 10 startups have a good chance of making it into the top 50: ambrpay, Arca Trust, Blockimmo, Cosmos Network, Datum, Friendz, Grain, Metaco, Orion Vault, Pigzbe, PikcioChain, Qiibee, Request Network, Taurus Group, UTRUST.

In addition to CV Map's database, sources for the quarterly Top 50 survey include company registers, crypto exchanges, media reports and LinkedIn. In cooperation with PwC Strategy & Switzerland, various valuation criteria and data were established as the basis of the survey: funding, market capitalization, number of employees, and age of company, all weighted on a scale of 1 to 10. Where no data was available, estimates were made and declared as such.

You can download the complete report on the Crypto Valley’s Top 50

About CVVC
CV VC is a private company based in Zug which invests in all stages of the crypto and blockchain growth cycle. It offers seed funding and a three-month incubator program in exchange for equity or tokens. CV VC was launched by Lakeside Partners, a leading startup investor and blockchain advisory company its own thriving ecosystem: The Advisory team covers all essential areas leading to powerful tokenized business models. Projects benefit from the skills, expertise, and experience of Lakeside Partners. CV Labs is a unique co-working space located in Zug, helping crypto companies to grow successfully by meeting all their needs. CV Labs is also an ideal home base for startup companies participating in the CV Labs incubation program. Regular meetups and networking events are organized in the Crypto Café and the meeting rooms. CV Competition offers blockchain startups the opportunity to win a cash prize of US$ 100,000 as well as access to industry executives, coaching and free office space in the CV Labs in Zug. CV Summit brings together innovative startups, industry experts and investors, as well as corporates experimenting with distributed ledger technology. The multi-industry themed event, which takes place twice a year, is the largest and most important gathering of the Crypto Valley community. CV Maps is the first directory and guide route through the fast-growing Crypto Valley blockchain ecosystem. The constantly updated database includes over 600 companies.
cvvc.com.

About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory, tax and legal as well as digital services.
pwc.com

About Strategy&
Strategy& is a global team of practical strategists committed to helping you seize essential advantage. We do that by working alongside you to solve your toughest problems and helping you capture your greatest opportunities. We bring 100 years of strategy consulting experience and the unrivaled industry and functional capabilities of the PwC network to the task. For more information please visit strategyand.pwc.com/ch

About inacta
inacta is an independent Swiss IT consulting firm based in Zug. More than 50 experienced digitisation experts support organisations from the insurance, banking, real estate and healthcare sectors. The experts of inacta are supporting start-ups and established companies with consulting, training and software development services. As an early adopter, inacta understands not only the technology but also how and where Blockchain is usefully used. inacta is a founding member of the Crypto Valley Association and the Swiss Blockchain Federation and makes a social contribution to Switzerland as a business location.
inacta.ch

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Chaineum Capital Partners est une banque d'affaires indépendante spécialisée blockchain et technologies disruptives.
Chaineum Capital Partners is an independent advisory firm for the blockchain industry and disruptive technologies.
Corporate finance advisory & services: due diligence, valuation, ICO, STO, fundraising, capital raising, M&A.
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Mardi 29 Janvier 2019
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