And why was it established in Switzerland? Michael Welti, Head Zurich at Bank Reyl & Cie. Zurich-Switzerland, gives interesting insights.
Michael Welti, Head Zurich at Bank Reyl & Cie. Zurich-Switzerland
Specifically, a growing number of companies are based in the canton of Zug, Switzerland, in a place that’s become known as “Crypto Valley”.
Just like Silicon Valley became the hub of the “dot com” boom, Crypto Valley wants to become the hub for the blockchain industry.
Crypto Valley refers to the ecosystem centered in and around the Swiss canton of Zug. There’s no specific street in which Crypto Valley is located. It’s just a general name for the area due to the rapid centralization of blockchain-based businesses.
Crypto Valley is one of the world’s most technologically sophisticated and innovation-friendly locations and it is a home to visionary entrepreneurs and pioneers of cryptographic technology.
Crypto Valley has some benefits such as:
- Low taxes and friendly regulations
- Access to large pools of capital and world-class engineering talent
- Vibrant community and good quality of life
- Deep-seated culture of privacy protection and decentralized institutions
- Supportive startup ecosystem with world-class service providers
- World-leading educational and research institutions
- Friendly, accessible and excellent government support
Crypto Valley Association Founded in January 2017, it’s an independent, government-backed association.
Obviously, Silicon Valley companies like Apple and Google contribute enormously to the economies of the United States and California. The Swiss government sees similar potential in upcoming blockchain companies – which is why they’ve backed Crypto Valley and the Crypto Valley Association.
Its main goal is to take full advantage of Switzerland’s strengths to build and develop the world’s leading blockchain and cryptographic technologies ecosystem and other distributed ledger technologies.
To sum up, Crypto Valley represents the Swiss version of a technological powerhouse where experts and scientist are gathered to make great advancements in science and business possible and will in the near future fit perfectly to the already famous Swiss Banking offering, enabling clients to have the best of both worlds within the same jurisdiction.