Switzerland’s Crypto Valley raised $728 million in venture funding across 31 deals in 2025, representing 5% of global blockchain funding and 47% of European blockchain, despite an apparent drop in overall value and a slowing of new startups, according to an annual report released by blockchain venture capital firm CV VC.
The eleventh edition of the “Crypto Valley Top 50” provides analysis of the blockchain ecosystem in Switzerland’s “Crypto Valley,” the blockchain and cryptocurrency hub centered in the Swiss town of Zug, where a high concentration of startups, investors, and organizations have set up shop, taking advantage of the country’s favorable regulations and business environment.
Based on a combination of registry-verified company identification and curated funding and market data, CV VC found that blockchain venture funding rose 30% to $15.5 billion across 986 deals in 2025, while Crypto Valley’s total climbed 37% from $531 million in 2024 to $728 million last year. This gave Switzerland a 5% share of global blockchain funding and 47% share of European blockchain funding.
To put this in context, Switzerland represented just 0.85% of global gross domestic product (GDP) and 0.11% of the world population between 1980 and 2023, based on data from The Global Economy.
Thus, the country is clearly punching above its weight in the innovative tech area, an observation supported by The Global Economy data, which placed Switzerland top in the world in its “Innovations index,” a ranking based on institutions, human capital and research, infrastructure, market sophistication, and business sophistication.
“Switzerland is transforming from a first-mover blockchain and digital asset jurisdiction into a high-standard digital financial center that prioritizes security, legality and institutional credibility,” said Mathius Ruch, founder and CEO of CV VC, in his introduction to the Crypto Valley Top 50 report. “In an unsettled global geopolitical environment where trust and stability are becoming decisive factors, Switzerland’s priorities position it as a reliable, safe location for long-term frontier technology innovation.”
Of the $728 million in venture funding raised across the 31 deals in 2025, the majority can be attributed to The Open Network (TON), which accounted for $400 million, followed by Sygnum Bank at $58 million, stablecoin platform M0 at $40 million, Impossible Cloud Network at $34 million, and CratD2C at $30 million.
This impressive haul tells one story of the thriving Crypto Valley blockchain scene; however, the report also found signs that, while incoming funding is growing, the value of the blockchain firms themselves may be leveling off, or even dropping.
Funding grows as value wanes
The top 50 report detailed two distinct lists: 25 publicly traded token entities with a cumulative market cap of $461.8 billion and 25 private blockchain companies with an estimated combined valuation of $5.6 billion. Together, this represented a 21.3% year-on-year decline in total valuation, from $593.4 billion in 2024.
Meanwhile, when looking beyond the top 50, active blockchain companies grew 134% between 2020 and 2025, from 753 to 1,766, but saw a 32% slowdown in new incorporation last year.
This decline in value and slowdown of new businesses may be due to a recent slump in the digital asset market, which saw bitcoin (BTC) fall from all-time highs of over $125,000 in October of 2025 to just over $74,000 as of April 16—the price of BTC often being a weather gauge for the health or otherwise of the interconnected blockchain space.
It could also be attributed to global economic and geopolitical uncertainty in the Trump 2.0 and with the ongoing wars in Ukraine and Iran.
In other words, given the impressive funding data, the less bullish value and new business data could represent just a temporary symptom of a volatile market and broader economic downturn, rather than indicative of a cooling of interest in blockchain.
Certainly, the overall tenor of the report appeared to support this interpretation, a point underscored by Drs. René Hüsler, Christine Böckelmann, Alexander Treschel, and Bernhard Rütsche—the former pair from the University of Applied Sciences of Lucerne (HSLU), the latter pair the Zug Institute for Blockchain Research (ZIBR)—in their foreword to the report:
“Over the past decade, Crypto Valley has evolved into one of the world’s leading centers of blockchain innovation. What began as a small network of technological pioneers has developed into a globally interconnected ecosystem comprising companies, research institutions, investors, and regulatory actors.”
They went on to note that “the continued development of crypto valley demonstrates that blockchain technologies have moved well beyond their original fields of application,” adding that “they are increasingly emerging as a foundational infrastructure for digital value creation, innovative financial systems, and decentralized network organization.”
Overall, the report painted a picture of halcyon days for Switzerland’s blockchain space, where substantial funding injections demonstrate continued enthusiasm for the technology, apparently undiminished by falling prices and a slowdown in new businesses.
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Source: https://coingeek.com/switzerland-crypto-sector-reached-new-funding-heights-in-2025/
