Switzerland, already well-known for its crypto-friendly stance, is gearing to develop yet another crypto hub. If the new partnership between crypto valley Zug’s crypto lobbyists and Zurich’s tourism Czars is executed, the valley could soon witness a northward expansion.
More than 150 Blockchain Companies in Zurich
The Swiss city of Zurich boasts of financial traditionalists and also headquarters one-third of Switzerland’s banks. In addition to well-established legal and health services, it is also the home of a large number of tech-minded individuals. The list includes 150 blockchain-related companies. The rising growth can be attributed to the Crypto Valley Association(CVA) which has been earnestly working to catalyze the growth of Swiss crypto space. The previous month, it put forward 14 different laws for the same.
CVA Executive Director Alexander Schell then said:
“We’re not just waiting for things to happen. We’re actively involved in proposing regulation.”
Will the Banking Sector Realise the Crypto-Blockchain Potential?
The latter also partnered with Zurich Tourism, to bring blockchain awareness, tourism, and business to Zurich. For the same, the pair signed a memorandum of understanding
The gnomes of Zurich- a slang term for Swiss Bankers are also warming up to blockchain and crypto. Also, the deep-rooted trust in gold and traditional finance is slowly turning to turn around into an increasing need for privacy.
Rising Tech Economy
Startups have become an important part of the ecosystem in recent years. As a matter of fact, Zurich attracted 515 million francs ($517 million) in venture capital investment in 2018, as per the Swiss Private Equity and Corporate Finance Association.
Also, in August, the Financial Market Supervisory Authority (FINMA) licensed two companies to provide banking services to Swiss-based crypto businesses and also trade securities. Furthermore, Zug-registered Seba Crypto and Zurich-based Sygnum became Switzerland’s first regulated crypto banks.
Will Zurich see more crypto and blockchain ventures soon? Let us know, what you think in the comments below!