Switzerland established itself as Europe's dominant hub for blockchain venture capital in 2025. According to the 11th CV VC Top 50 Report, 47 percent of all European venture capital investments in the blockchain sector went to Swiss companies. No other country in Europe comes close to this concentration.
Total investments in Crypto Valley companies reached USD 728 million during the reporting period, up 37 percent year over year. The capital is spread across fewer but larger deals. CV VC interprets this shift as a sign of ecosystem maturity.
Subscribe to our newsletter
The best articles of the week, directly delivered into your mailbox.
Consolidation over expansion
At the end of 2025, the Crypto Valley counted 1'766 active companies, a new all-time high. Compared to 2020, this represents growth of 134 percent. However, year-over-year growth came in at just one percent, far more moderate than the 14 percent annual increase CV VC reported in its 10th edition.
The geographic distribution stands out. Zug lost four companies and sits at 715, while Zurich declined from 264 to 257. Ticino, by contrast, grew 15.5 percent to 119 companies. It is positioning itself as a hub for GameFi, NFT, and metaverse projects. Liechtenstein counted 72 firms, Geneva 87, and Lucerne 73. In addition, the canton of Vaud has emerged prominently with 56 companies.
The combined valuation of the Top 50 reached USD 467 billion, including ten unicorns. Infrastructure solutions led by sector at 19 percent, followed by financial services at 18 percent and consulting and technology services at 17 percent. As a result, the focus is shifting away from pure token business toward foundational technology work.
Large tickets, fewer deals
The largest single deal of the year went to the TON Foundation. On March 20, 2025, the project that emerged from the Telegram ecosystem raised approximately USD 400 million. Lead investors included Sequoia Capital, Ribbit Capital, Benchmark, Kingsway Capital, and Draper Associates. The financing was token-based and targets building payment infrastructure for Telegram's more than one billion users. Consequently, a single deal accounted for more than half of the annual investment volume.
Behind that, Sygnum Bank positioned itself with a strategic growth round of USD 58 million. The round closed on January 14, 2025, led by Fulgur Ventures. Its post-money valuation reached USD 1 billion, granting the Swiss crypto bank unicorn status. Sygnum manages approximately USD 5 billion for over 1'700 clients in more than 60 countries. Additionally, it operates a B2B platform for over 20 banks offering regulated crypto services.
Several other significant rounds spanned multiple sectors. M^0 secured USD 40 million in Series B funding led by Polychain Capital and Ribbit Capital. Impossible Cloud Network raised USD 34 million at a valuation exceeding USD 470 million. Furthermore, CratD2C closed at USD 30 million, Validation Cloud at USD 21 million, and Octra at USD 20 million. Yieldbasis followed with USD 18 million, Towns with USD 14 million, and Chronicle with USD 12 million. Notably, global top-tier investors such as Sequoia, Benchmark, Ribbit, and Polychain are engaged multiple times across the Swiss ecosystem.
"Nearly half of all European blockchain investments now flow into the Crypto Valley. What we are observing is a maturing ecosystem focused on infrastructure, finance, and convergence with other future technologies." - Mathias Ruch, Founder and CEO, CV VC
From growth market to infrastructure hub
The narrative shift compared to the previous year's report is remarkable. In 2025, CV VC had still framed growth figures with the caveat "despite competition." Back then, the firm cited regulatory uncertainty, lengthy approval processes, and pressure from Asia and the Middle East as obstacles. The 2026 report reverses the perspective. Instead of company quantity, the quality of capital attracted now takes center stage.
In the broader European comparison, Switzerland ranks fourth in absolute VC figures across all sectors. The United Kingdom leads with over USD 23 billion, followed by France at approximately USD 8.5 billion and Germany at approximately USD 8.4 billion. On a per capita basis, however, Switzerland tops the ranking. In the blockchain segment specifically, the ratio flips: 47 percent of European venture capital has landed in the Crypto Valley. At the same time, Switzerland faces location competition from Dubai, Singapore, and other jurisdictions actively courting blockchain companies.
Political backing is also solidifying. The canton of Zug, together with Lucerne University of Applied Sciences and the Zug Institute for Blockchain Research, launched the "Blockchain Zug - Joint Research Initiative." This initiative is worth CHF 39.35 million over five years and aims to anchor the research base. Therefore, the Crypto Valley is shifting its emphasis from expansion toward consolidation as Europe's blockchain infrastructure hub.
