- The Swiss Crypto Valley achieved a $593 billion market cap in 2024.
- The latest CV VC Top 50 Report says the location is now home to 17 unicorns.
The Swiss Blockchain Federation and CV Labs recently released the tenth edition of the CV VC Top 50 Report. The paper launched during the Web3 Hub Davos at the World Economic Forum (WEF) reflected Switzerland’s continuing progress in blockchain and cryptocurrency adoption.
According to the document, the top 50 blockchain companies in Crypto Valley (CV) have already crossed the $593 billion market cap. A 56.5% year-over-year (YoY) increase in the token valuation of the top 50 companies accounted for $584.33 billion. Meanwhile, companies with private valuations consisted the remaining $9.11 billion share, showing a notable YoY decrease of 3.9%.
Interestingly, the Crypto Valley is now home to 17 unicorns. In finance, a company is elevated to unicorn status once its overall valuation reaches at least $1 billion. Out of the total, 14 surpassed the billion-dollar mark through token market capitalization, while the other three achieved it via private valuation. Sygnum Bank was the latest entrant in this prestigious group after it successfully held a $58 million fundraise. To date, there are 153 unicorns in Europe, with 14 new ones in 2024. On a global scale, there are 1,417 in this class, indicating a 9% rise in 2024.
In addition, the report highlighted that the Crypto Valley secured $586 million worth of new investments in 2024. These came from 56 deals, representing 29.1% of all European blockchain funding. The figures displayed a substantial growth of 8% in CV’s blockchain funding rate, which outperformed the global rate of 3%. The trend solidifies the status of the Swiss Crypto Valley as a strategic hub for blockchain companies, especially emerging ones.
Moreover, the research found that the average blockchain deal size in Crypto Valley has significantly increased by 70% YoY to $5.6 million. Again, the numbers exceeded global values, which only amounted to $4 million. In the European region, the Swiss crypto hub maintained 29.1% of overall funding, which was a considerable leap from 18.7% in the previous year.
Zug led the total funding with $245.89 million from its 42% lion’s share coming from 28 deals. Zurich enjoyed a 34.7% slice in funding at $203.22 million across 15 deals, while Liechtenstein comprised 17.1%.
On a macro scale, the US continues to dominate other countries in global venture funding. The CV VC report noted that it accounted for 52% of the $11.2 billion blockchain venture funding out of 1,158 deals in 2024. Europe enjoyed an 18% share of the funding from 22% of the deals.
