• Switzerland appears to be relatively unaffected by the cryptocurrency industry crisis, with more companies settling in the country than leaving it.
• Data compiled by the venture capital firm CVVC shows that the Swiss Crypto Valley in the canton of Zug has approximately the same number of entities as in 2021.
• Major Swiss-registered companies that went under include FTX Europe and the crypto asset manager Covario, although other big names have not admitted to being severely impacted by the ongoing market volatility.

The cryptocurrency industry has been experiencing a tough few years, with investors, customers and companies all feeling the effects of the market downturn. While this has led to an overall loss of funds and jobs, it appears that Switzerland may have avoided the brunt of the crisis. According to research conducted by venture capital firm CVVC, the number of companies settling in the country has actually exceeded the number leaving it.

The Swiss Crypto Valley in the canton of Zug is home to around 1,135 entities, which employ 5,766 people. This is only around 4% less than before the crypto winter started, suggesting that Switzerland is weathering the storm better than other countries. The report also noted that 183 Swiss blockchain businesses went bust last year, but 190 startups and foreign companies opened new offices.

Most notably, the Swiss branch of U.K.-based crypto lender Nexo is being closely monitored after the company’s Bulgarian offices were searched. Other major Swiss-registered companies that went under include FTX Europe and the crypto asset manager Covario. However, none of the other big names have admitted to being severely impacted by the ongoing volatility in the sector.

It is not clear what has caused Switzerland to remain relatively unaffected by the cryptocurrency industry crisis, but it could be due to the country’s favorable attitude towards digital assets. It is also possible that the startups and foreign companies that set up offices in the country may have helped to cushion the blow, providing new jobs and opportunities for growth. Whatever the reason, it is encouraging to see that Switzerland has not been as badly affected as other countries, and may even be emerging from the crypto winter in a stronger position.