Although the cryptocurrency market has been in a bear trend, blockchain firms in Switzerland and Liechtenstein continue to grow. This is according to a survey conducted by the cryptocurrency investment firm CV VC.
The survey shows that the bear market in the crypto and blockchain space did not affect the number of blockchain companies opening in Switzerland and Liechtenstein. CV VC informs that back in December 2018, there were 750 blockchain companies using blockchain technology in Switzerland and Liechtenstein.
That means that during 2018, there was an increase of 20 percent in the number of companies working with distributed ledger technology in these two countries. This 20 percent increase represents 121 new companies in the space.
There are four companies valued at over $1 billion including Bitmain, Cardano, Dfinity Foundation and Ethereum. According to this survey, the bear market has affected the companies located in Switzerland and Liechtenstein. Their market cap moved from $44 billion down to $20 billion.
The top 50 companies that the study surveyed are currently employing 480 individuals in the region. Most of these firms are located in Zug and Zurich. In general, Switzerland and Liechtenstein have been supporting companies in the crypto space to settle their operations in their countries. They’ve created very clear legal frameworks and are still working on that issue.
Just a few days ago, Xapo announced that is opening a new office in Switzerland after having difficulties to properly settle itself and grow in Hong Kong. According to Xapo president, Ted Rogers, Swiss regulators are smart, interested and sophisticated in dealing with the financial markets.
Malta is also a country that is trying to welcome new companies to its territory. These countries are creating clear legal frameworks for firms to settle their operations in these jurisdictions.