With the year 2022 turning into a nightmare for the entire crypto industry, many countries withdrew themselves from the crypto sector.
This was something that was witnessed across the board and things did not look well for the future of the crypto industry.
Switzerland was not impacted
While the entire crypto market was impacted in the year 2022 all over the world, it faced no negative impact in Switzerland.
The crypto industry saw no drama in Switzerland and it remained stable in the country. Although several crypto firms did shut down in Switzerland, they were replaced by new crypto projects.
This way, the entire crypto sector remained balanced in the country so it is fair to say that the crypto industry in Switzerland was unharmed by the market downfall.
Data Shared by CV VC
CV VC, a major venture capital company has just provided very useful information pertaining to the crypto sector in Switzerland.
It has claimed that the country has remained as friendly towards the cryptocurrency industry as it was in the past. There has been no change when it comes to the attitude of Switzerland in regard to the adoption of crypto.
It is a fact that the year 2022 was among the worst years for the cryptocurrency industry. However, the Switzerland crypto market did not seem to be hindered or impacted by it whatsoever.
Report Shared by CV VC
CV VC has recently published a report dubbed “Top 50” which shows the newly opened and shut down blockchain operations in 2022 in Switzerland.
The report shows that in the year 2022, a total of 183 enterprises based on blockchain technology closed down in Switzerland.
On the other hand, a total of 190 new blockchain startups have been introduced in Switzerland. Even cryptocurrency companies based in other countries opened their offices in Switzerland.
The report goes to confirm that the Swiss Cryptocurrency Valley had the same number of companies in 2022 that it had in 2021.
The data shows that the Swiss Crypto Valley has a total of 1,135 companies operating in the canton of Zug.
The total workforce in the particular region comprises 5,766 individuals. The individuals count is 4% less than what it used to be prior to the crypto winter struck the crypto industry in 2022.
Crypto Industry is Expanding in Switzerland
The expansion of the cryptocurrency industry and firms in Switzerland and Liechtenstein has been strong and steady. The distribution of the crypto businesses in the particular region is also well balanced.
The fintech firm expansion is also on the rise in Switzerland. This is a positive sign that the cryptocurrency and the fintech industry is expanding in the country.
Crypto Valley does not want to limit itself to the mentioned number of individuals. Instead, it wants to expand its count and for this purpose, it is open to people from the infrastructure development sector.
They are mainly looking for people from the identity management sector and for those aiming to work on the development of infrastructure.
The infrastructures being referred to here are cryptocurrency and blockchain-related. They want to bring in efficiencies in multiple sectors such as media, sports, and arts, using blockchain technology.
Claims from Researchers
According to the researchers, Switzerland’s tendency to adopt and welcome cryptocurrencies is exceptional.
The country even has the tendency of getting attracted toward decentralization, which is inherent in the region.
Whether it is an industry, politics, or the government in Switzerland, it is attracted to crypto-blockchain technology.
The country is doing whatever it can to foster an environment that helps the entire cryptocurrency industry to thrive and earn mainstream recognition.
Switzerland wants to become the hub for the crypto-blockchain industry and it will be able to achieve that if it stays persistent.
The country is setting up a great example for the rest of the countries from all over the world. It may become a hub that encourages other countries to adopt crypto-blockchain technologies.