Crypto Valley waxes stronger despite failed funding request

The recent report for Switzerland and Liechtenstein’s blockchain and crypto industry (popularly known as ‘Crypto Valley’) has reassured that the participating companies can strive without government aids. Previously, the Swiss government had turned down their request to receive funding during the early times of the Coronavirus pandemic. However, the Swiss crypto industry could come out stronger, as the top companies have posted increased market capitalization.

Crypto Valley could survive

The development was confirmed in the Crypto Valley VC top 50 publication. The growth in the Swiss crypto industry was evaluated by certain essential factors, which include the performance of the related companies, their market capitalization, the employment rate, number of new entries (companies) in the industry, and so on.

On the aspect of market capitalization, the largest 50 companies in the Swiss crypto industry posted a 39 percent increase. This brings its total valuation to about $37.5 billion, according to the document. More so, Crypto Valley gained additional workers just when other industries were laying off workers amid the pandemic. Reportedly, the top 50 companies in Crypto Valley provided about 776 job slots at the time, bring in the total employees in the industry to 4,780.

CV failed funding request

Sometime in May, the Switzerland government reportedly turned down a funding request of $103 million tabled to them by the Crypto Valley. Although, the government, at the time, could still approve other applications presented by companies that weren’t dealing with blockchain. This raised concerns amongst people that the industry would face its worst times.

Many were laid to say some blockchain-related companies might be forced to shutdowns as a result of the failed bailout funds request. At some point, the industry was renamed as “Death Valley.”

However, the report has perhaps, has debunked all these speculations. Noteworthily, the top companies in the industry were able to secure fundings from investors, about $3.7 billion.