Higher valuations and bigger teams in the Crypto Valley

30. Juli 2019

The latest edition of the «CV VC TOP 50 Report» presents the Top 50 blockchain companies in Crypto Valley. Accordingly, the companies doubled their valuations in the first half of 2019 from US$ 20 billion to US$ 40 billion. While nine new companies join the ranking, three dropped out of the scene.

The Crypto Valley comprising six clear hotspots – Zug, Zurich, Geneva, Ticino, Lichtenstein and Vaud – is home to 800 companies active in the cryptocurrency and blockchain fields. To shed light on some of the largest and most important companies in Switzerland and Liechtenstein, Crypto Valley Venture Capital CV VC, in collaboration with PwC’s Strategy& and IT partner inacta, has published its new semi-annual list and study of the Top 50 companies in the scene.

The largest company in terms of workforce as presented in the study is Bitcoin Suisse with 65 employees in Switzerland followed by SEBA which employes 60 members. The startups with at least 20 employees in their teams include: Smart Containers (48) Sygnum (45) Lykke (37), CryptoFinance (35), Modum (30), Deon Digital (22), Securosys (20), Dfinity (20) and Taurus (20). The number of companies with 20 or more employees raised from 7 at the end of 2018 to 11.

«The current upwards trend in cryptocurrency prices pushed the market capitalization of the 50 largest blockchain companies in Crypto Valley from US$ 20 billion at the end of December 2018 to over US$ 40 billion in July 2019», as stated in the report. The report mentions six unicorns: Ethereum Foundation, Cardano and Dfinity Foundation, as well as the mining company Bitmain Switzerland, currently gearing up for an IPO on a US stock exchange. This quarter, two new Unicorns were added: Cosmos Network and Polkadot.

Newcomers in the Top 50

The current Top 50 map presents nine new comers including Algo Trader AG, Cysec Systems AG, Custodigit AG, Metaco SA and Taurus Group SA from the wallet & vault sector. The other three come from the protocol sector: they include; Cosmos Network (Interchain Foundation) and Polkadot (Web3 Foundation), each valued at more than US$1 billion as well as Concordium Foundation, world’s first ID/KYC-ready blockchain network. Zug-based company cryptix AG is active in the payment / stabletoken field.

Three Drop-Outs of the CV Top 50

Due to market dynamics, declining valuations or reductions in staff caused noteworthy companies to drop out of the Crypto Valley Top 50. Melonport handed the project over to the community, after fulfilling its road map. The Melon Team and its founder, Mona El Isa, created a whole industry movement around asset management on blockchains. Shapeshift closed their Swiss office and continues to operate from other jurisdictions. Tend, an early mover, the first Swiss ICO to fully comply with KYC/AML requirements, paved the way for many Swiss blockchain companies. Unfortunately, it was ahead of its time and ceased operations.

 

Artikel auf startupticker.ch vom 30.07.2019: https://www.startupticker.ch/en/news/july-2019/the-swiss-crypto-scene-becomes-more-vibrant

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