Swiss and Liechtenstein-based cryptocurrency projects have witnessed a notable surge in value, experiencing a remarkable 107% year-over-year increase, totaling $383 billion, as reported by Crypto Valley (CV VC), a Swiss venture capital firm. Ethereum, backed by the Ethereum Foundation, leads the way with a market cap of $273 billion, followed by Solana at $43.3 billion and Cardano at $20.8 billion. This surge is largely credited to the overall recovery observed in the cryptocurrency market.

However, the global landscape for Web3 venture capital is still in the process of full recovery. According to CV VC researchers, there were 1,031 deals in 2023, amounting to $9.8 billion in venture capital funding for Web3 firms, marking a significant decline compared to the figures from 2022. In Switzerland and Liechtenstein specifically, crypto companies secured $283.5 million across 49 deals in 2023, a notable drop from the $964.3 million obtained through 93 deals in 2022.

Despite the decline in funding, Switzerland and Liechtenstein maintain their significance in the Web3 space, attracting approximately 5% of all Web3 venture capital funding. More than 1,290 Web3 firms are either based or headquartered in these two countries, including well-known entities like Cosmos, Internet Computer, Near, Polkadot, and Solana.

Mathias Ruch, CEO of CV VC, emphasized the innovative legacy of Switzerland and highlighted the crucial role these firms play in bolstering both local and global economies. Switzerland and its neighboring countries are recognized for their widespread adoption of blockchain technology, with the city of Lugano even accepting Bitcoin and Tether for municipal tax payments.