A similar ecosystem of technological innovation to Silicon Valley – the very symbol of American technology development and home to some of the major tech companies like Facebook and Google is being attempted to be created in Switzerland in a town called Zug or “Crypto Valley”. It is aiming to become the technological hub and world leader in digital currency and blockchain innovation.
The rise of cryptocurrency and blockchain as a ecosystem and industry has summoned a row of start-ups and projects attempting to capitalize on the industry’s potential. This has also resulted in countries trying alot to become the “leader” in cryptocurrency and blockchain innovation, seemingly because of the economic benefits that can stem from it.
So following the pattern, countriles like Switzerland, Singapore or Israel are racing out for the lead, and the Crypto Valley is Switzerland’s best hit on taking the crown for itself.
With the Crypto Valley Association being established [a Gov-supported institution targeting developing a blockchain and virtual currency ecosystem in the center of Switzerland] the term Crypto Valley was formed.
And as it seems – it was a critical hit towards success! Major entities and powerhouses like Shapeshift, Ethereum, Xap, Tezos, ConsenSys and many many more have made C. V. their home. This benefits even start-ups while setting up shops in the Valley with extensive network which can come true from being in close proximity with the above mentioned giants.
Zug also offers a very business friendly, and low-tax environment, making the Crypto Valley a very attractive destination for start-ups that are looking for a favorable location to establish a base of operations.
Zug has also positioned itself to be the hotbed of ICO activity (a thorough explanation of ICOs can be found here), with a regulatory environment that allows for the establishment of foundations that can be the recipient of ICO contributions.
This relaxed regulatory environment has spawned supporting organisations dedicated to aiding start-ups in the ICO process. For example, Bitcoin Suisse is a well-known Zug-based institution that provides extensive services relating to ICOs, having facilitated over $600 million USD in ICOs to date.
President of Crypto Valley Association – Oliver Busman added:
“We are promoting more than a region: we have founded a global association as a base for the sector’s most innovative and forward-thinking companies, further strengthening Switzerland’s position as a leading center of innovation in this sector.”
Only with the passage of time we can truly see if Crypto Valley can produce the same technological titans like we see in Silicon Valley. However, until now it has cemented its place quite strong and promising.