The tenth edition of the CV VC Top 50 Report, the bi-annual analysis of Crypto Valley, was launched at the Web3 Hub Davos during the World Economic Forum. The report measures the maturity and global impact of Crypto Valley in the blockchain industry.
The report highlights the top 50 blockchain companies by token market capitalization and private company valuations. It details their areas of operation and examines the innovation power of Crypto Valley in 2024 from a venture capital perspective. Over the past twelve months, the following milestones have been celebrated:
- 55% increase in total valuation: The top 50 are now worth $593 billion.
- Valuation of 25 blockchain platforms: $584.33 billion, with 16 Zug-based platforms accounting for 97% of the total valuation.
- Valuation of 25 blockchain companies: $9.11 billion, with 14 Zug-based companies constituting 56% of the total valuation.
- Unicorns: Crypto Valley is now home to 17 unicorns, 14 by token market capitalization and 3 by private valuation. The newest unicorn is Sygnum, a global digital asset bank.
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Crypto Valley keeps leader position in funding activity
Crypto Valley secured $586 million across 56 deals in 2024, an 8% increase that outpaced the global blockchain funding growth rate of 3%. Notable funding rounds included Celestia ($100 million), Sygnum ($98 million), TON ($48 million), M^0 Labs ($35 million), and Nillion ($25 million). The region's share of global blockchain funding increased by 5.2%, confirming its importance as a global hub.
The average blockchain deal size in Crypto Valley also increased by 70% year-over-year, reaching $5.6 million. This exceeds the global average deal value of $4 million for blockchain transactions, according to the report. In 2024, Crypto Valley accounted for a record 29.1% of European blockchain funding, a significant jump from 18.7% in 2023.
Zug maintains leadership
Zug continued to dominate with 42% of total funding, amounting to $245.89 million across 28 deals. Zurich followed with 34.7% of funding, or $203.22 million in 15 deals. Liechtenstein contributed 17.1% of funding, driven by the large Celestia deal. Emerging cantons such as Geneva and Vaud also played a growing role, with four deals each, while Ticino secured three deals.
International competition not to be ignored
At the Top 50 Report presentation in Davos, Heinz Tännler, Finance Director of the Canton of Zug and President of the Swiss Blockchain Federation, highlighted the transformative role of the blockchain industry. He stated, "The blockchain sector is undeniably one of the fastest growing industries in the world." The CV VC Top 50 Report 2024 highlights the pivotal role of Crypto Valley. With a solid foundation and proven growth, the Crypto Valley demonstrates Switzerland's ability to launch the next historic phase of innovation. However, realizing this ambitious vision will require a concerted effort from regulators and investors.
With a focus on the United States, competition for blockchain companies will intensify in the coming year. Trump has pledged to support the U.S. bitcoin mining industry, remove regulatory hurdles, and ban central bank digital currencies (CBDCs). In addition, the U.S. Treasury plans to establish a strategic bitcoin reserve. To remain competitive, Switzerland must continue to foster innovation through openness rather than over-regulation. Tännler identified three key priorities that require further discussion: regulatory progress on cross-border custody, regulated activities on public blockchains, and the stablecoin supervisory communication.
"To achieve the next phase of growth, we need a supportive regulatory framework and a stronger investment culture. These elements are essential to unleash the full potential of Swiss innovation." - Heinz Tännler, Finance Director of the Canton of Zug and President of the Swiss Blockchain Federation
