The Crypto Valley, the Swiss blockchain hub centred on Zug, brings together 1,766 active companies and raised 728 million dollars in venture capital in 2025. These figures come from the report published on 15 April 2026 by CV VC, an investor based in Zug. The boom dates back to 2013 and 2014, with the arrival of Monetas and then the creation of the Ethereum Foundation in Zug. The canton then opened up tax payments in cryptocurrency, and the Confederation adapted its law to blockchain in 2021.

How did Zug become the Crypto Valley?

It all started with a move. According to the Crypto Valley Association's "Why Switzerland" page, Johann Gevers set up his cryptographic finance startup Monetas in Zug in July 2013. There he championed the idea of a crypto technology hub inspired by Silicon Valley. He built relationships with the authorities and attracted other young companies.

Ethereum gave the project its reputation. According to a post on the Ethereum Foundation blog dated 9 February 2016, the project was announced on 25 January 2014. The Stiftung Ethereum, the Swiss-law foundation behind it, was created in June 2014 in Zug. A public sale of ether followed in the summer of 2014, and the network launched in July 2015.

The Ethereum Foundation still exists. According to its page on ethereum.org, it funds protocol development, research and ecosystem projects through grants. It states that it neither controls nor directs Ethereum, and that it is not its only funder.

The hub then gave itself an organisation. The Crypto Valley Association (CVA), a non-profit association, was founded in January 2017. Its public launch took place on 1 May 2017, according to the press release issued that day. The founding members cited include the canton and the city of Zug, UBS, PwC, ConsenSys, Luxoft and the Lucerne University of Applied Sciences. Oliver Bussmann, former head of IT at UBS, became its president. The list of founders differs, however, on the CVA's current website: it mentions neither UBS, nor PwC, nor ConsenSys, nor the canton and the city of Zug, and adds Bitcoin Suisse and Bussmann Advisory.

What does the canton of Zug do for blockchain?

The canton first acted on taxation. According to its press release of 3 September 2020, Zug became the first Swiss canton to accept tax payments in cryptocurrency. Since February 2021, individuals and companies taxed in Zug can settle their tax bill in bitcoin (BTC) or ether (ETH).

The mechanism protects public finances. Payment goes through Bitcoin Suisse, a Zug company founded in 2013, which pays the canton in Swiss francs. Finance director Heinz Tännler said in 2020 that the canton thus took no exchange-rate risk. The canton therefore does not collect any cryptocurrency.

The ceiling has been raised. It was 100,000 francs at launch, with no partial payment possible. According to the page of the Zug tax administration, a bill can now be paid in cryptocurrency up to 1.5 million francs, an amount set by an update of 1 March 2023.

Zug also funds research. According to CV VC, the canton is investing 39.35 million francs over five years in the Blockchain Zug Joint Research Initiative. It brings together the Lucerne University of Applied Sciences and Arts (HSLU) and the Zug Institute for Blockchain Research (ZIBR).

What federal framework governs blockchain in Switzerland?

The legal framework is not a cantonal matter. It is a federal law, the Federal Act on the Adaptation of Federal Law to Developments in Distributed Electronic Register Technology (DLT). According to the Federal Council's press release of 18 June 2021, Parliament adopted it in September 2020. It amends ten existing federal laws.

The law came into force in two stages:

  • on 1 February 2021, the amendments to the Code of Obligations made it possible to issue ledger-based securities recorded on a blockchain;
  • on 1 August 2021, the rest of the law and its ordinance came into force, with a new licence for DLT trading facilities;
  • on the same date, bankruptcy law expressly regulated the segregation of crypto-assets, that is, their return to their owner.

These trading facilities are open to financial intermediaries, but also to other companies and individuals, the Federal Council specifies. The government then presented Switzerland as one of the pioneers of modern regulation of financial technologies.

How much does the Crypto Valley ecosystem weigh today?

The most closely followed measure is CV VC's Crypto Valley Top 50 & Ecosystem Report. Its 11th edition, presented on 15 April 2026, covers the year 2025. CV VC is itself an investor in blockchain startups, which suggests reading its figures as those of an industry player.

The ecosystem extends beyond Zug. According to this report, Zug is home to 41% of the 1,766 active companies, and Zurich to 15%. Their number has grown by 134% since 2020. Infrastructure is the largest segment (19%), ahead of financial services (18%) and consulting (17%).

Venture capital grew in 2025. The Crypto Valley raised 728 million dollars in 31 deals, compared with 531 million in 53 deals in 2024. This represents 47% of European blockchain funding and 5% of the global total, according to CV VC. The five largest rounds involved TON, Sygnum Bank, M0, Impossible Cloud Network and CratD2C.

The top 50 entities are together worth 467 billion dollars, including ten unicorns, valued at more than one billion dollars. They include public networks such as Ethereum, Solana and Cardano, and private companies such as Copper and Sygnum Bank.

The CVA provides another measure, that of its network. Its homepage claims more than 800 individual members, more than 120 startups and more than 45 SMEs and large companies as members.

Key figures

  • 1,766 active blockchain companies in the Crypto Valley, 41% of them in Zug (CV VC, April 2026, 2025 data).
  • 728 million dollars raised in 2025, in 31 deals, compared with 531 million in 2024 (CV VC).
  • 47% of European blockchain funding in 2025 (CV VC).
  • 467 billion dollars in cumulative valuation for the Top 50, including ten unicorns (CV VC).
  • 1.5 million francs: the ceiling for a tax bill payable in bitcoin or ether in Zug (canton of Zug).
  • 39.35 million francs over five years for cantonal blockchain research (CV VC).

What are the key dates of the Crypto Valley?

DateMilestoneSource
July 2013Monetas moves to ZugCrypto Valley Association
June 2014Creation of the Stiftung Ethereum in ZugEthereum Foundation
July 2015Launch of the Ethereum networkEthereum Foundation
1 May 2017Public launch of the Crypto Valley AssociationCVA press release
September 2020Adoption of the DLT law by ParliamentFederal Council
February 2021First taxes payable in bitcoin and ether in ZugCanton of Zug
1 August 2021Full entry into force of the DLT lawFederal Council
15 April 2026CV VC's 11th Top 50 reportCV VC

What are the limits of the Crypto Valley?

Capital is concentrated in a few deals. The number of rounds fell from 53 to 31 between 2024 and 2025, while the amounts increased. The TON round alone, 400 million dollars, accounts for more than half of the total. Zug captured 20 of the 31 deals and 88% of the disclosed capital.

The valuation of the Top 50 depends on crypto markets. CV VC calculates it using market capitalisation for token projects and enterprise value for private companies. A fall in the prices of the Ethereum, Solana or Cardano tokens therefore changes this total, regardless of actual activity in Zug.

The available figures say little about the local economy. CV VC's press release gives neither revenue nor the number of jobs. The main sources come from committed players: CV VC invests in the sector, and the CVA presents itself as an organisation defending the interests of the industry.

To follow the news of companies in the Swiss Crypto Valley, the dedicated section brings together our articles.

What we don't know yet

  • The capital raised in the Crypto Valley in 2026: CV VC's April 2026 report only covers the year 2025.
  • The number of taxpayers who pay their taxes in cryptocurrency: the Zug tax administration's page does not publish it.

Sources