The latest CV VC Crypto Valley Company and Industry Report shows that Crypto Valley, which includes Switzerland and Liechtenstein, has grown by 132% since 2020, reaching 1,749 active blockchain companies in 2024.
This marks a 14% year-on-year increase and a compound annual growth rate (CAGR) of 18.8% over the past five years.
The report presents a detailed, data-driven overview of the blockchain ecosystem in the region, covering company growth, sector trends, regional distribution, and legal structures.
Zug continues to lead, hosting 719 companies or 41% of the total. Zürich follows with 264 companies (15%).
Other active cantons include Ticino with 103, Geneva and Neuchâtel with 85 each, and Luzern with 72.
Liechtenstein also shows steady growth, with 68 blockchain companies.
All Swiss cantons now have at least one blockchain firm, indicating nationwide engagement in the sector.
Mathias Ruch, Founder and CEO of CV VC, said,
“The latest figures highlight how Crypto Valley maintains its leading role in the global blockchain sector. Our report offers insight into the forces shaping Crypto Valley and defining the future of the technology.”
He added that despite global market fluctuations, the ecosystem continues to grow, and adapting to international competition will be crucial.
Switzerland and Liechtenstein continue to attract blockchain entrepreneurs with strong legal frameworks, political stability, and high quality of life.
CV Labs plays a key role in supporting growth.
It currently hosts 197 companies, accounting for 11% of the ecosystem.
In 2024, it recorded 38 new incorporations, a 124% increase compared to the previous year, far exceeding the ecosystem-wide growth rate of 14%.
The industry is diversifying across multiple sectors. Infrastructure companies account for the largest share at 20%, followed by financial services at 18% and consulting and advisory at 17%.
Security, audit and compliance represents 8%, while GameFi, NFTs and metaverse, and software development each make up 6%.
Other areas include decentralised finance (DeFi), exchanges, staking and mining, analytics and data, custodial services, and education.
Heinz Tännler, President of the Swiss Blockchain Federation, stated,
“This report proves that the Swiss blockchain industry is not only nationally relevant but also of global strategic importance. The 12-point manifesto of the Swiss Blockchain Federation provides concrete steps to further sharpen Switzerland’s competitiveness.”
Zug’s share of new company registrations increased from 35% in 2020 to 49% in 2024. Zürich’s share fell from 19% to just over 8%.
Other cantons together accounted for 46% of new incorporations in 2020 and 43% in 2024, indicating a broader spread of blockchain activity across the country.
Regional specialisation is becoming more apparent.
Zug dominates capital market services and technical operations, hosting 47% of financial services firms and 43% of infrastructure companies.
Ticino accounts for 10% of new consulting firms. Geneva focuses on security, audit and compliance, with 40% of its companies in that area.
Over 25% of firms in Basel-Stadt and Basel-Landschaft focus on software development. Luzern hosts more than 10% of all DeFi companies.
Corporations (55%) and limited liability companies (30%) remain the most common legal structures. However, alternative governance models are increasing.
In 2024, associations and foundations made up over 20% of new filings, compared to 10% of all active entities.
Liechtenstein continues to innovate in legal frameworks, including through structures such as the Anstalt.
The CV VC Crypto Valley Report confirms that Switzerland and Liechtenstein remain global leaders in blockchain, supported by regulatory stability, legal clarity, and growing sectoral expertise.
Featured image credit: Edited by Fintech News Switzerland, based on image by vector_corp via Freepik
