Crypto Valley Top 50

Q1 2019: US$ 20 billion market capitalization and 4 unicorns

Davos, January 24, 2019

The recent fall in cryptocurrency prices saw the market valuation of the 50 largest Blockchain companies in Switzerland and Liechtenstein’s Crypto Valley plunge from US$44 billion to $20 billion in the fourth quarter of 2018. Over the same period, however, the number of participating companies soared by 20% from 629 to 750. Among them are four so-called ‘unicorns’ - start-ups already worth billions of dollars.

Investment company CV VC, in collaboration with PwC Strategy & and IT partner inacta, has published its new quarterly list of the largest and most important companies in Switzerland and Liechtenstein’s Crypto Valley Blockchain cluster.

The survey finds that, at the end of December 2018, the cluster contained 750 companies using the distributed ledger technology that defines Blockchain. This corresponds to a growth of 121 companies, or almost 20% compared to the last count at the end of September 2018.

On average, the top 50 companies are valued at $400 million each. Excluding the five largest, the average figure is still $365million; a sign that concentration is relatively low. The average valuation of all 750 companies was estimated at $27 million. Four unicorns – startups valued at over $1billion – are present in Crypto Valley: Ethereum, Bitmain, Dfinity and Cardano. Around 480 people work in Switzerland and Liechtenstein in the 50 largest blockchain companies. Overall, the industry employs more than 3,300 people. The survey finds that it is business as usual for many companies despite the collapse in value on the crypto exchanges.

Find more information about the Crypto Valley Top 50 Report (Q1 2019) here.

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