There are already more than 800 cryptocurrency companies in Switzerland. And the circle of the most valuable “unicorns” is growing rapidly. However, there are also bad cases and bankruptcies, as a report shows.
In Silicon Valley parlance, a “unicorn” is a startup valued by investors at more than $1 billion. The pun is clear: startups that cost that much are as rare as mythical creatures.
This is also the case in the Swiss blockchain industry, such as consulting firm PWC, investment firm CV VC and IT specialist Inacta all rolled into one. Report Determine. At the beginning of this year, there were four so-called unicorns linked to the blockchain in this country.
With Ethereum, Cardano, and Dfinity there were three of the largest crypto protocols in the world. Mining company Bitmain also participated.
By the end of June he arrived with Cosmo Network And the polka dots Two more members of this special circle. The fact that these two protocols, of all things, were able to break the sound barrier for evaluation may be an indication of where the technology is evolving: the two companies are developing projects aimed at interconnecting different blockchains.
Hoping to achieve another quantum leap
Jae KwonIt is one of the driving forces behind Cosmos, and it has also set itself the goal of wasting less electricity running the blockchain. High power consumption is also a criticism that is thrown over and over again against cryptocurrencies.
with Gavin Wood A crypto veteran is involved with Polkadot: He is also a co-founder of Ethereum. It seems that he hopes to once again participate in the quantum leap in blockchain technology as an obstetrician.
Double the value
But even without this “blockchain stratosphere,” the industry in this country was able to enjoy increasing ratings in the first six months of the current year. The valuation of the top 50 blockchain companies covered in the report is almost double what it was in January: $40 billion, up from $20 billion.
At the same time, there are now nine companies on this broader top flight that were not previously included – such as Cosmos and Polkadot.
Mission accomplished or straight to bankruptcy
While six companies are no longer in the top 50 due to a decrease in their rating or reduced number of employees, there are also three special cases.
Melonport has accomplished its mission of bringing asset management to the blockchain, the report’s authors wrote. On the other hand, Shapeshift closed its office in Switzerland.
However, the case of Tend is noteworthy: the former digital director of the main Credit Suisse bank, Marco Abelhe had to file for bankruptcy through his crypto company as well finews.ch mentioned.
Money is not enough
Tend was ahead of its time, write the authors of the Crypto Valley Report. While the business model failed, the startup paved the way for others: Tend was the first coin offering that complied with all regulations on customer identification and money laundering.
However, the company was unable to collect the original target amount of 30 million francs. However, a few months ago, a former bank manager tried to realize his vision of a shared luxury goods blockchain.
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