INSIGHTS

CV VC Top 50 Report H2/2020

Zug, February 28th, 2021

The blockchain industry in Crypto Valley - Switzerland and Liechtenstein - analyzed and visualized.

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 TABLE OF CONTENTS

Record Growth in Crypto Blockchain Industry in 01Valley 02Crypto Valley Visualized Summary .5 Crypto Valley Top 50 Companies per Sector .18 About .6 Crypto Valley Companies by Region .19 Editorial from Mathias Ruch .6 Crypto Valley Top 50 Companies Employment Levels .20 Valuation and Funding in Crypto Valley .7 Valuation and Funding .21 • 01 Blockchain Technology .7 Blockchain Technology .22 • 02 Blockchain Financial Industry .8 Financial Industry .23 • 03 Blockchain Other Industries .10 Other Industries .24 Employment in Crypto Valley .11 Regulatory Environment in Crypto Valley .11 A Brief History of Crypto Valley .12 • Spotlight: Santiment .13 Universities Engaged in Blockchain and DLT .15

Crypto Valley Top 50 Players by Key Areas Companies Listed by Sector

03Methodology and Selection Crypto Valley Top 50 04Banks Active in Crypto .26 .46 Blockchain Technology .32 Blockchain Focused Venture Capital Firms .47 • Spotlight: NEAR .32 Blockchain Technology Solution Providers .48 Blockchain Financial Industry .33 Blockchain and Crypto Savvy Law Firms .49 • Spotlight: Crypto Finance Group .38 Blockchain Other Industry .39 • Spotlight: Maps.me .40 Crypto Valleys Top 50 Challenger Companies .41 • Spotlight: Oxygen .44 CV VC Top 50 Report H1/2020 TABLE OF CONTENTS

05CV VC Portfolio 06About Investment Thesis .51 About .54 CV VC Portfolio Companies .52 CV VC Top 50 Report H2/2020 Record Growth in Crypto Valley

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Summary

Key Data for February 28, 2021: Key Takeaways Mainstream adoption of blockchain technology is • Crypto Valley Top 50 companies are valued at illustrated by the variety of applications and focused $254.9B in total. Crypto Valley has weathered the storm of Covid very efforts amongst protocols, such as Tezos in finance, well. In fact, the crisis was a key trigger for digital in supply chain, and for enter- • Total Funding of the Top 50 companies reached Cardano Concordium transformation and, in turn, crypto markets. Bitcoin prise applications with a large manufacturer. In this $3.7B. gained broad acceptance by institutional investors and report, Solana was added to the Crypto Valley Top 50 • Total number of firms in Crypto Valley is 960. new financial applications, so called DeFi projects, rose as a rapidly growing protocol. • Total employment by blockchain companies in to prominence. Crypto Valley, which includes Switzerland and In financial services, many players are moving into Liechtenstein, increased to 5,184. The Top 50 The total number of companies in Crypto Valley custody and brokerage. The strong institutional companies employ 819 employees in Crypto Valley. increased to 960 (previously 919) and employment demand is driving solutions of banks for banks, and • Cryptomarkets continued a dramatic rise in the grew substantially to 5,184 (previously 4,780). Growth sophisticated trading and settlement infrastructu- beginning of 2021, and valuation of the Crypto accelerated significantly in the second half of 2020, re. With the new regulatory framework taking effect Valley Top 50 increased 680% to $254.9B from with over 110 new companies either being founded or in the first half of 2021, many players have prepared $37.5B (previous report). joining the blockchain and crypto currency space (69 for expanded services, specifically around secondary • Crypto Valley now counts 11 Unicorns (i.e. projects companies moved or became defunct). markets. In this report, 21Shares and SwissBorg have valued at more than $1B,) up from 6 in the previous been added to the Crypto Valley Top 50 in the area report: Ethereum ($157.2B), Cardano ($40.6B), These trends confirm the attractiveness of Switzerland of financial services. Polkadot ($29.3B), Aave ($3.9B), Cosmos ($3.8B), and Liechtenstein for blockchain and cryptocurren- Solana ($3.3B), Tezos ($2.6B), Dfinity ($2B), Near cy-based projects and companies. The further deve- New applications in finance, referred to as “DeFi”, are ($1.1B), Nexo ($1.1B), and Diem ($1B). lopment of the regulatory framework will continue to emerging on blockchains. Aave, a lending platform, drive growth in financial services as well as bring even was added to the Crypto Valley Top 50 in the last • Solana, 21Shares, SwissBorg, Curve Financial, more decentralized projects and technology firms to report. In this report, Curve.fi, Enzyme, and Oxygen Oxygen, Enzyme, and maps.me have been added Crypto Valley. have been added to the Crypto Valley Top 50. Curve.fi to the list of the Crypto Valley Top 50. enables the direct exchange of stablecoins and expe- All 11 Unicorns in Crypto Valley are protocols, which rienced a meteoric rise in the volume of assets locked have dramatically increased in value. The focus of and exchanged. Enzyme is the follow-on protocol of NOTE: protocols and technology projects has been on scala- Melon, providing on chain asset management infras- Markets have seen an increase in valuations bility and security, the most prominent example being tructure. Oxygen is developing infrastructure for towards the end of 2020, which dramatically Ethereum’s launch of its transition to staking with Eth2. prime brokerage services in DeFi. accelerated in January. To portray more accurate valuations and market capitalization, Just like with the initial birth of Ethereum, Bitcoin Suis- Use cases outside of financial services continue to played a key role by providing access to its infras- emerge, namely in supply chain, track and trace, use the data in this report refers to February 28th, se tructure, ultimately supplying 17% of all ETH required of medical data, intellectual property, royalty adminis- 2021, and not 2020 Year-End. to start the process. tration, art, and non-fungible tokens (NFTs). Maps.me has been added to the Top 50 in this category.

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Editorial from Mathias Ruch

Crypto Valley, which includes both Switzerland and CustoDigit, Shift Cryptosecurity, Algotrader, Modum, Founder and CEO at CV VC - the leading early-stage Liechtenstein, is home to 960 blockchain/cryptocu- Lykke, and Smart Valor. The company Smart Contai- venture capital investor with a focus on start-ups that rrency companies. CV VC research now shows ten ner is no longer active in the space. build on blockchain technology. crypto hotspots in Crypto Valley: Zug, Zurich, Liech- tenstein, Geneva, Ticino, Neuchatel, Vaud, Lucerne, “This is the 6th edition of our CV VC Top 50 Report, Bern, and Schwyz. Zug continues to be the heart of About which highlights the impact of Crypto Valley on the Crypto Valley, as about half of all companies make Swiss economy and job market. Zug their home (433). The Canton of Zurich counts The CV VC Top 50 Report 178 companies, Geneva counts 57, Ticino counts 49, Neuchâtel counts 26, Vaud counts 32, Lucerne counts The CV VC Top 50 Report is created by CV VC AG in During the last six months, we witnessed a massive 20, Bern counts 15, and Schwyz counts 13. The Princi- collaboration with its technology partners inacta and increase in the valuation of our Top 50 companies, pality of Liechtenstein counts 83 companies. PwC Switzerland. The CV VC Top 50 is a periodical which indicates increased adoption of blockchain tech- Report on market valuation developments from Crypto nology. Society is becoming more and more familiar The number of companies with significant market Valley, which includes Switzerland and Liechtenstein. with blockchain and cryptocurrencies. Institutional valuations and a large presence in Crypto Valley conti- The report highlights the diverse blockchain and cryp- investors are confirming the potential of Bitcoin and nues to grow. As new and established players with tocurrency ecosystem which consists of startups, its underlying technology. Alternative investments large market capitalizations enter the list, important corporations, and government entities. The CV VC Top such as crypto are becoming a part of many investor infrastructure providers located in Switzerland conti- 50 Report and CVMaps.ch are the authoritative cura- portfolios. nue to be part of the report in the Additional Swiss tors of information on of blockchain companies active Players List, but are not added to the total market in Crypto Valley. Forward-looking investors see and act on the new and capitalization of the Top 50. promising technology infrastructure, as well as new business model opportunities. Markets have seen an increase in valuations towards the end of 2020, which dramatically accelerated further in the first two months of 2021. Valuations The current report shows stabilized at impressive levels after the peak in the that, despite the impact of middle of February 2021. To portray a more accura- COVID-19 on the economy, te depiction of the current reality, the valuations and the number of compa- market capitalization for this report refer to February nies and employees in the 28th, 2021, and not 2020 Year End. Crypto Valley is growing significantly. Blockchain In this report, the following companies have been and crypto are now an important sector in the added to the Crypto Valley Top 50: Solana, 21Shares, Swiss economy.” SwissBorg, Curve.fi, Oxygen, Enzyme (formerly Melonport), and Maps.me. Subsequently, the following companies moved from Mathias Ruch, Founder the Top 50 to the Additional Swiss Players List: & CEO of CV VC

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Valuation and Funding in Crypto Valley

The valuation of the Top 50 companies in Crypto Key Valuations Casper, Solana, Dfinity, and Alephium, are testing the Valley reached $254.9B at the end of February 2021. boundaries of what is possible. Occasionally, things In June 2020, this figure stood at $37.5B. While Ethe- June 30th, 2020 February 28th, 2021 do break, testnets are down and other unanticipated reum continues to dominate in terms of the valuation challenges arise. of projects in Crypto Valley, the nearly 800% increase US$37.5B US$254.9B in valuation of companies and projects excluding Ethe- Crypto Valley Top 50 Crypto Valley Top 50 Ethereum has announced Proof-of-Stake and Eth2 reum indicates broad investor interest in the sector. upgrades. By staking ETH, holders can become vali- US$25.2B US$157.2B dator nodes on the future network and earn rewards, Crypto markets have now turned into a bull cycle, Ethereum Ethereum although no withdrawals will be possible until seve- where even very early stage projects have significantly ral development cycles have been completed. Market elevated valuations. In addition to crypto market-dri- $12.2B $97.8B participants in Switzerland played a key role in making ven increase in valuations, companies in Crypto Valley Top 50, excl. Ethereum Top 50, excl. Ethereum the Eth2 launch possible, as Bitcoin Suisse AG enabled continue to be able to raise substantial funds from staking for its clients which provided 17% of the requi- international investors. 6 11 red ETH for the launch of Eth2. Unicorns in Crypto Valley Unicorns in Crypto Valley Price developments of ETH towards the end of the Unicorns in Crypto Valley year and into January 2021 were impressive. How much the removal of ETH from circulation through Crypto Valley has consistently housed a number of 01 Blockchain Technology staking is contributing to the price increase is unclear. Unicorns (i.e. firms valued at $1B or more) since its The price development of ETH may also indicate that early days. Due to market volatility, the list typically Blockchain technology projects and blockchain proto- broad investor sentiment recognizes the capabilities changes in every report. At the end of February 2021, cols, also referred to as layer one solutions, continue that come with Ethereum as a smart contract platform, Crypto Valley was home to 11 Unicorns, up from 6 in to grow both in terms of their presence and diversity which allows for different capabilities than the original the previous report. in Crypto Valley. use case of Blockchain: Bitcoin.

Markets have seen an increase in valuations towards The focus of many of these projects has revolved Polkadot has gained significant attention through the end of 2020, which dramatically accelerated around scalability for some time now. Referred to as various initiatives as well as its dual approach to deve- further in the first two months of 2021. Valuations the trilemma between decentralization, scalability, and lopment with the de-facto live testnet Kusama. Kusa- stabilized at impressive levels after the peak in the security, the efforts to solve for scalability and figu- ma is providing a view into the future of Polkadot, middle of February 2021. To portray a more accura- ring out any conceivable attack vectors to address where applications are tested prior to being conside- te depiction of the current reality, the valuations and security concerns are at center stage for many bloc- red for a release on Polkadot. market capitalization for this report refer to February kchain projects. 28th, 2021, and not 2020 Year-End. The Cardano foundation named a new CEO and, While Ethereum continues to follow its long term following its successful virtual summit earlier in the trajectory for its upgrade to Proof-of-Stake (PoS), year, the network released updates around staking, various protocols, such as Near, Polkadot/Kusama, delegation, and native tokens. In the general run up

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of markets, Cardano’s valuation increased significantly. on high transaction speed, is a new addition to the The Tezos network has rewarded its community with Top 50. A significant number of projects and compa- quarterly upgrades of the network (Delphi 3Q and Edo nies are currently building on its infrastructure. As 4Q), proving that a key feature of the Tezos protocol the industry is now stretching the technology, Solana - upgrading through proposals by its community - is specifically set out a challenge to “try to break Sola- successful. Areas with interesting developments on na” for developers. Tezos include gaming, NFTs and decentralized iden- tity applications. One illustration of the ongoing challenges for emer- ging technology is the fact that the Solana Beta Main- Near Protocol has successfully launched its mainnet, net stalled on December 4th. However, the timely and after a period of sole validation by the Near foun- reaction by its validator community resulted in a rela- dation, community based validators have joined the tively fast restart. network as part of the “Phase I” milestone. Near is providing comprehensive resources and tools enabling Top 50 Challengers Blockchain Technology Ethereum developers to take advantage of its proto- col with respect to speed and transaction costs. It In the period under review (H2/2020), a number of has grown its developer community and ecosystem protocol layer projects have found more traction. significantly . With the significant increase in valuation of the overall market, several projects may qualify for the Top 50. CasperLabs secured another round of investment and launched its final incentivized testnet in preparation Alephium has been quietly building technology around of genesis, expected in early 2021. Major integrations its novel sharding protocol and is expected to release included Chainlink in Casper’s developer friendly, a testnet version that allows for improvements and RUST-based environment. auditing.

Dfinity launched its mainnet in December and publi- shed significant amounts of documentation. The 02 Blockchain Financial Industry network is still controlled by a limited number of nodes, and publicly, the project refers to its current The second half of 2020 and the beginning of 2021 release as an alpha version while testing and scaling finally saw the arrival of large institutional players and continue. their sustained engagement in the digital asset class. BTC is now clearly considered a fully fledged financial Concordium has advanced its development with the asset, as some of the leading traditional investors in latest version of its testnet, which focuses on digital the world have entered the market. It is increasingly identity and privacy enhancement with emphasis on clear that the asset itself has been accepted in mains- enterprise applications. Concordium also announced tream capital markets, and that blockchain technolo- a Joint Venture with Geely in China, providing appli- gy is pushing the creation of new rails in traditional cations to Chinese businesses and clients. capital markets.

In this report, Solana, a blockchain specifically focused Decentralized Finance, referred to simply as DeFi, has

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grown dramatically. Crypto assets pledged in smart year and their continued rally in early 2021, all of the With the increased interest of retail customers, appli- contracts and the variety of offerings has shown how financial services players involved saw their client cations such as SwissBorg have gained more traction much innovation is possible thanks to these public numbers and business activity increase significantly. and customers. SwissBorg was also added to the Top blockchain based infrastructures. Switzerland is home 50. to several such projects. The CV VC Top 50 Report Bitcoin Suisse anticipated the trend to staking and is introducing a new section on this topic as part of built the required infrastructure for various protocols In a volatile market, information and intelligence is key Financial Services. as an early mover for its clients. True to its heritage, for decision making. Santiment is providing a beha- Bitcoin Suisse played a critical role in launching Ethe- vior analytics platform for cryptocurrencies, sourcing Applications offered for legacy financial institutions reum on its path to Proof-of-Stake by providing 17% on-chain, social and development information. Its have moved fast and well beyond custody and broke- of all ETH required for the launch of Eth2. comprehensive API enabled solution allows for flexi- rage. The push of established financial services players ble integration in any environment. into service offerings in digital assets and crypto SEBA, one of the two crypto banks, successfully closed currencies has further accelerated. Players such as its Series B, aimed at international expansion, and Diem Association, formerly known as Libra, conti- Arab Bank are pursuing comprehensive digital asset changed the composition of its board. The bank saw nues to build its presence in Switzerland and now has strategies. Among the banks for banks, InCore is significant volumes in its indexed product and added a clearly laid out structure and path for its payment aggressively pursuing platform approaches enabling key partnerships in Singapore. system, which will be fully regulated as well as backed white labeled services for other financial institutions by cash, cash equivalents and short term government and allowing for the onboarding of banks and VASPs Sygnum, the other of the two crypto banks, launched a securities. (Virtual Asset Service Provider) such as exchanges. tokenization platform focused on several verticals and announced a partnership with SBI Group for an early Switzerland is one of the main global hubs for commo- Structured products and derivative volumes also grew stage investment fund for digital asset opportunities. dity trading and commodity related businesses. Seve- (with futures enabled by the CME), benefitting well Sygnum also enabled Tezos staking for its clients. ral significant projects around trading, settlement, positioned players such as Vontobel. Early mover in track and trace, and secure transactions are underway. retail trading Swissquote has been providing onramps Crypto Finance AG experienced strong growth in AUM Largely kept under wraps by the players themselves, to crypto for a while, and it can be expected that its within its Asset Management, provided Eth2 storage major announcements can be expected in 2021. capabilities are now also sought after by institutional capability at inception, and opened offices in Singa- players. Activities by the Berner Kantonalbank and pore. Together with Mt Pelerin and software provider The digital asset space in Switzerland is also advan- Hypothekarbank Lenzburg underline just how broad 21 Analytics, Crypto Finance completed the first FATF cing thanks to the efforts of the CMTA (Capital Markets the movement to crypto and digital assets is. Travel Rule compliant and automated Bitcoin transac- Technology Association), which has seen its member- tion. A further sign of institutional adoption is the inte- ship grow significantly. In addition to the CMTA-20 The new regulatory framework in Switzerland, which gration of Crypto Finance’s services for Avaloq core Equity Standard Token, the association is now working will be entering into effect in August 2021, is set to banking clients. on the CMTA-21, a debt token standard. It also laun- enable secondary markets for digital assets, and a ched the world’s first (and, currently only) certification significant number of players are preparing for this 21Shares has been added to the Top 50 in this report. program for custodian services according to its earlier opportunity. The impending launch of regulated The success of ETPs (Exchange Traded Products) published standard. secondary markets and increased trading is fueling by 21Shares has underlined the desire of a broad set the business of key infrastructure providers such as of investors to gain access to this new asset class. Top 50 Challengers in the Financial Industry Taurus, Metaco, and Algotrader. The company expanded its instruments beyond BTC and ETH early on, providing innovative products for The number of applications and service providers In the run-up of the crypto markets at the end of the investors. targeting B2B and retail keeps growing. Several

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companies have been added to the Challenger list, Oxygen is the second DeFi project that has been 03 Blockchain Other Industries as they have the potential to move into the Top 50. added to the Top 50. Oxygen aims to provide a proto- col for prime brokerage related functions in DeFi. Use cases outside of financial services and DLT The Wecan Group has launched Wecan Comply, an Infrastructure projects for this fast developing area are infrastructure are growing, and applications for assurance and identity layer for custodian banks and gaining significant attention. Oxygen recently raised enterprise use cases are slowly emerging. external asset managers which allows the trusted $40M in a round with prominent investors in the space. exchange of documents, information and counterparty Utopia Music has decided to place its blockchain identities. The SIX Digital Exchange (SDX) is rumored Certain needs of DeFi are similar to the legacy financial activities and ecosystem into the Utopia Genesis to be close to its license for operation, which would system, the main difference being that the required Foundation, with the goal to provide a blockchain be a key infrastructure for secondary markets boos- rails, institutions and firms providing critical functions framework for all participants in the music industry. ted by the new regulation taking effect in Switzerland. are just being built. Information on counterparties, on The foundation raised $2.59M in December 2020. Relai provides an onramp for bitcoin investing by indi- digital assets themselves, the credit worthiness of viduals with small amounts. Thanks to the Bitcoin bull counterparties and the risk associated with digital Modum continues to be poised to benefit from market, it has significant traction with small investors assets, are just some of the areas where technolo- the increasing need for supply chain traceability and successfully closed a seed round. gy and infrastructure for DeFi is emerging. As such, and tracking applications. It can be expected that technical robustness and reliable DLT financial infras- applications in this area will increase significantly, DeFi - Decentralized Finance tructure serve as key requirements for successful DeFi as Switzerland de-facto adopted a supply chain projects. transparency framework in a recent public vote. This area of financial applications on blockchains is just emerging, but growing rapidly. As Switzerland is home Enzyme Finance, the follow-on of Melon protocol, Digital art and NFTs have seen a dramatic rise in to some of the largest public blockchain projects, it provides asset management infrastructure for DeFi valuations. 4Art Technologies and inacta are building is no surprise that the number of DeFi projects loca- projects, while allowing users to maintain full control the application infrastructure and ecosystem that ted in Switzerland is also growing. Applications in of their assets. Enzyme has re-entered the Top 50, as allows the traditional art space to be fully digitized DeFi include lending, stable coins, wrappers, liquidity its market capitalization significantly increased. and blockchain ready. provisioning, NFTs (non-fungible tokens), and related The Bancor protocol can be considered an early inno- exchanges. vation in this area, as it set out to provide exchange Maps.me has been added to the Top 50 due to the capabilities between tokens generated by communi- size of its user base. Maps is a 9-year-old, widely used In the last report, Aave was added to the Top 50 as ties for specific purposes on its platform. application for location based services and travel. It the first DeFi project. Aave, which enables lending, has a 140 million base for which it will embed a multi- remains one of the more prominent projects, howe- Two additional projects based in Switzerland have currency wallet and enable a DeFi ecosystem. ver, several foundational new applications are loca- been added to the Top 50 Challenger list. ted in Switzerland. Curve.fi enables direct exchanges Dia provides open-source access to crowd-verified Challengers in Blockchain in Other Industries between stablecoins, providing a superior process and financial and digital asset data. Its intent is to build low slippage. Both Aave and Curve.fi saw increased the Bloomberg equivalent for Crypto. Applications in the medical field have been talked transaction volumes and valuation. Aave had locked about, but so far, limited activity has been observed. amounts of $2.0B at year end, and $4.4B on February Hermez Network is focusing on delivering a secure, MedCo, a startup based at the EPFL, aims to enable 28th, 2021. Curve Finance had locked amounts of $1.5B fast, and easy to use infrastructure for payments and the use and sharing of sensitive medical-data for at year end and $3.9B on February 28th, 2021. Due to token transfers in the context of Ethereum. Hermez research. It enables consortium participants to its importance and innovation, curve.fi has been added aims to solve the challenge of transaction costs and collectively protect their data and share them with to the Top 50. efficiency for Ethereum-based payment applications. authorized parties, without a single point of failure.

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Employment in Crypto Valley

Companies in Crypto Valley Employees in Crypto Valley While travel restrictions impacted business in the first Employment in Crypto Valley has grown significant- amendments enable the complete digitization of half of 2020, the second half of the year saw a drama- ly, despite the challenges of doing business during Swiss Capital Markets. The result is the world’s leading tic increase of activity. Even prior to the run up of the Covid. The 960 companies located in Crypto Valley regulatory framework and legal basis for the issuan- markets, incorporation and hiring activity increased now employ over 5,180 employees (previously 4,780 in ce, trading, and ownership of digital assets, including and institutional interest was particularly palpable in the first half of 2020). The overall employment growth securities. Crypto Valley. amounts to 8%. The main elements pertain to: The number of firms active in this sector in Switzer- The Top 50 companies and projects also grew their • Securities Law: Digital securities will have all of land and Liechtenstein has increased to 960 at the end staff from 776 to 819. the functionalities of traditional “paper securities” of 2020, compared to 919 in the previous reporting (which had been dematerialized some time ago). period (ending June 30). In the second half of 2020, 69 • Insolvency Law: Clarification on the segregation companies disappeared or moved, whereas 110 compa- of crypto assets nies joined the sector. The increase of 110 companies Regulatory • Financial Market Regulation: The establishment of represents the highest number of companies joining a new DLT trading license the blockchain sector in any 6 month period since 2018. Environment in It confirms the rising institutional interest and adoption of blockchain and crypto currencies in the technology Crypto Valley The establishment of a new DLT trading license in and finance sectors. particular, which will allow for issuance, trading, and Switzerland has been at the forefront of regulatory post-trading under one license, has garnered the The impending enactment of the new DLT Law in Swit- clarity since 2014, when it provided guidance on attention of many market participants. In Switzerland, zerland will drive more activity in the financial sector, Bitcoin and other crypto currency transactions. The the infrastructure for regulated secondary markets for commodities, supply chain and art. It can be expected clear understanding of issuance and classification of digital assets and securities is now in place, with nume- that the dynamic growth of companies establishing tokens has enabled brokerage, custody and structu- rous mature players and tested rails. It appears likely themselves in Switzerland will continue and, most red products. The classification of tokens has fueled that, in the near future, the world’s leading regulated likely, accelerate. the growth of a globally leading ecosystem of block- secondary markets for digital assets, including secu- chain technology projects, companies, financial service rities, will become a reality in Switzerland. The report identifies ten hotspots in Crypto Valley: providers and related products. Zug, Zurich, Liechtenstein, Geneva, Ticino, Neuchatel, Vaud, Lucerne, Bern and Schwyz. Zug continues to be After Liechtenstein’s Blockchain-Act entered into force the heart of Crypto Valley, as about half of all compa- on January 1st, 2020, Switzerland set out to amend nies make Zug their home (433). The Canton of Zurich several statutes as part of the “DLT Legislation Act.” counts 178, 83 in Liechtenstein, 57 in Geneva, 49 in Switzerland opted to modify a number of existing Ticino, 26 in Neuchâtel 32 in Vaud, 20 in Lucerne, 15 in laws, introducing changes only where necessary. The Berne and 13 in Schwyz.

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A Brief History of Crypto Valley

The history of Crypto Valley has many known and was high-performance crowdfunding using program- unknown heroes. No single event or person can mable money. create such a thriving ecosystem, amend regulatory frameworks, or promote a location to hundreds, if not The resulting “ICO boom” of 2017 and 2018 attracted thousands of entrepreneurs around the world. Instead, many legitimate and, unfortunately, some not so legi- many actions by individuals, government agencies, and timate projects. In early 2018, the Swiss supervisory companies helped create a unique set of historical body of financial markets (FINMA) stepped in to provi- circumstances over time. de guidance and classifications for tokens, clarifying what was and what was not allowed under current law. In 2013, Bitcoin Suisse began as a trading company This regulatory clarity spawned an entire industry of focusing on Bitcoin trading and moved its operations legal advisors, KYC/AML providers, brokers, financial to Zug. Zug has long been reputed for its business intermediaries, custodians, and advisors. friendly atmosphere and remains home to many companies in commodities trading, pharmaceuticals, In the financial services area, this development culmi- and finance. nated in the approval of two crypto banks in Switzer- land in 2019. A network of individuals from the Bitcoin and crypto- Far from being content, a dedicated network of indi- graphy space soon joined this list. XAPO, the leading viduals, early mover private firms, politicians and key Bitcoin storage provider of the day, was the first public institutions set out to put in place the most company to take advantage of Switzerland’s strong advanced regulatory framework in the world. With property protection and its rich heritage of financial strong support across the political spectrum and from security. Attracted by early Bitcoiners and the open- the federal ministries of finance and economy, a new ness of regulatory authorities to enable technological set of DLT legislation was drafted which selectively innovation, a group of nerds rented a house outside amended key laws, and allows the licensing of revolu- Zug to complete the next generation blockchain. Ethe- tionary new market infrastructure based on DLT. reum launched in 2015, creating yet another global technological innovation. The impact of this regulatory framework will come to full fruition in 2021. Switzerland has yet again proven to On May 3rd, 2016, the city of Zug announced that it be at the forefront of innovation in blockchain, finance would accept Bitcoin as a means of payment. The and technology. world took notice, and Zug subsequently became a prime location for doing business in crypto and locate Overall, there are more than 5,180 employees working blockchain based businesses. One of the key innova- at over 960 blockchain and crypto related compa- tions on Ethereum is the ability to issue tokens with a nies in Crypto Valley (which includes Switzerland and specific function. The first use case for this technology Liechtenstein).

Technology Partner In collaboration with . 13 Will Bitcoin Prices Ever Drop? The Predictive Power of On-Chain Metrics

With the price of Bitcoin now routinely making new coins and/or increasing their positions. The declining Finally, we now find ourselves in the midst of Bitcoin’s all-time highs, and a never-ending stream of both MDIA slope, on the other hand, signals a period of last redistribution cycle. No real innovations are news and rumours about large, institutional inves- ‘redistribution’, where substantial amounts of Bitcoin being made in the BTC ecosystem, the asset has tors entering the cryptocurrency space, one might are moving to other addresses and relocating to new (finally) found mainstream appeal and we’re seeing think there’s no way for BTC to go but up. But what holders. aggressive adoption of Bitcoin among institutional does hard data say? (or, more precisely, ‘big money’) investors. Shown below is Bitcoin’s MDIA slope (in brown) for In this article, we’ll take a ‘behavioral’ approach to Bit- the past 8 years, plotted against its price (in green). To date, every bull market (including this one) coin analysis, on the basis that the crypto market is The chart displays all of Bitcoin’s major ‘redistribution coincided with a major decline in Bitcoin’s Mean best understood (and price predictions made) with cycles’, and their seemingly inverse correlation with Dollar Invested Age, with the bottom of the MDIA the following assumptions in place: the coin’s price performance. valley marking Bitcoin’s price top and the outset of the next bear market. If history is to judge, once it • Innovation is cyclical. It takes at least 3 full market Each MDIA valley signals the ‘passing of the torch’ gets close to a value of 100 again, it may signal the cycles for any cryptocurrency to actualize its full po- from one predominant group of Bitcoin holders to end of its (final) redistribution cycle, and the start of tential (more on this below). another. In Bitcoin’s first cycle, it was the redistribution price depreciation. • Each cycle has a new power broker entering the from early adopters and blockchain ‘nerds’ (including cryptocurrency market and becoming an integral part Satoshi Nakamoto himself) to the first wave of of a coin’s ecosystem. cryptocurrency enthusiasts, ending in 2013 when Market Value to Realized Value • Each cycle is clearly reflected in the coin’s price ac- Bitcoin grew to around $1150. The MVRV (Market Value to Realized Value) ratio is tion. It goes up, overshoots, corrects, retreats, over- an on-chain indicator that tracks the average profit or shoots again. In Bitcoin’s second redistribution cycle, we saw a flurry of professional cryptocurrency miners and the loss of all addresses that have acquired Bitcoin within a certain time frame. Since this is meant as a short read, we will focus on start of the ‘smart contract’ phase (spearheaded by three metrics derived from Bitcoin’s blockchain data, Ethereum). As visible on the MDIA chart, the second As a rule of thumb, the higher the MVRV ratio, the how they help illustrate market-moving behavior and cycle ended in late 2017/early 2018, with BTC soaring greater the unclaimed profits of the observed group what they say about where we are today. to just below $20k a pop.

Mean Dollar Invested Age

Mean Dollar Invested Age (MDIA for short) is an on-chain indicator that looks at how long each unit of BTC stayed in its current address, computes the average of all those ‘ages’, and adjusts it by the price at which it last moved on the blockchain.

Put simply, a rising MDIA slope suggests a network- wide accumulation trend, a stretch of time when most Bitcoin holders were content sitting on their Graph 1: Bitcoin, Mean Dollar Invested Age, past 8 years Graph 2: Bitcoin, 3-year MVRV ratio past 8 years (Source: Sanbase) (Source: Sanbase)

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of holders, and as such, the more likely it is that they Conversely, significant MVRV dips - like the ones support this idea. begin to sell and reduce their exposure. This is why in January 2015, December 2018 and March 2020 some analysts believe that extremely high MVRV ratio have signalled extremely ‘undervalued’ conditions, Case in point: one of the only holder groups that have suggests ‘overvalued’ conditions, and why low MVRV and proved - in retrospect - an opportune time to continuously accumulated BTC from October 2020 to ratio may present an opportunity to accumulate BTC. accumulate BTC for the next cycle. late January 2021 have been addresses holding be- tween 1,000 and 10,000 BTC, in line with companies For instance, pictured in graph 2 is Bitcoin’s 3-year Holder Distribution like MicroStrategy, Grayscale and - most recently - Tes- MVRV ratio, showing the average P or L of all la - announcing massive investments in the top coin. addresses that have acquired BTC in the previous 3 Because every Bitcoin transaction is saved on the years. As you can see, Bitcoin’s 3-year MVRV ratio blockchain and a matter of public record, it allows In the past month however, the combined holdings shows a tendency to ‘flatten’ out with each bull market analysts to monitor the behavioral patterns of these ‘whale’ addresses has declined by around market, especially in terms of its cycle peaks. This is of various groups of BTC investors. 150,000 BTC (~$7.2bn at the time of writing), coinci- to be expected, as the market matures and investors ding with the recent market correction and perhaps become slightly more risk averse through past For instance, there has been a fairly clear divergence signaling early jitters among large BTC holders. experiences. between the behavior of small-scale, retail investors and large Bitcoin addresses (also known as ‘whales’) As such, it will be prudent to keep an eye on these In 2013, Bitcoin’s 3-year MVRV ratio peaked at 351%, during several of Bitcoin’s previous bull cycles. and other large BTC addresses in weeks and months meaning that long-term holders were - on average to come. If history is to judge, a sustained decline in - up +351% on their initial investment. In 2021, Both in 2013 and 2017, respectively, we’ve seen a their combined holding may signal the tail-end of the Bitcoin’s 365-day MVRV ratio peaked at less than strong decline in the total amount of BTC held by current bull market, with retail investors - once again half of that (+170%), coinciding with a significant millionaire addresses shortly before the bull market - left holding the hot potato. price correction as holders began taking profits and highs, suggesting a pivot to profit-taking and reduced applying significant sell-side pressure. exposure by ‘smart money’. On the other hand, retail Either way, with more and more Fortune 500 compa- addresses were accumulating up until and after the nies dipping their toes in crypto, it is now abundantly Second, it would appear that an MVRV ratio above price peak, suggesting heavy losses after following clear that Bitcoin will be a staple of every well-roun- 100% has typically indicated a proverbial ‘danger the market-wide correction (see graph 3). Many ded portfolio in years to come. zone’ for the top coin, signaling unsustainable price believe that Bitcoin’s current rally is propelled by growth and an increased risk of interim profit-taking. institutional interest, and on-chain data seems to If you want to fine-tune your exposure to Bitcoin and navigate its cycles, get our complete report on the most important Bitcoin metrics here, or book a personal demo at [email protected].

Maksim Balashevich

Founder and CEO of Santiment www.santiment.net

Graph 3: Amount of BTC held by <10 BTC addresses (purple) vs Graph 4: Amount of BTC held by 1k-10k BTC addresses, past 6 1,000-10,000 BTC addresses (brown), plotted against BTC price months (Source: Sanbase) (green), 2017-2018

Powered by SantimentTechnology Partner In collaboration with CV VC Top 50 Report H2/2020 Record Growth in Crypto Valley . 15

Universities Engaged in Blockchain and DLT

For decades, Switzerland has led rankings in compe- technical applications. Protocols are also increasin- titiveness and intellectual property registrations, and gly engaging with the technical community, as many a number of research and teaching institutions regu- of the technical challenges they face are substantial larly lead global rankings in their respective fields of and require significant work on a research-level. The expertise. On a statistical note, Switzerland is ranked combination of world-leading academic institutions 4th in the number of Nobel Prize winners per capita. and the presence of the most important technical projects in blockchain should lead to substantial inno- Information technology, computer science, mathema- vation in Crypto Valley. tics, physics, and chemistry have a long and storied tradition in Switzerland’s academic institutions. It is, therefore, no surprise that leading universities and research institutions in Crypto Valley are working on blockchain-related topics. In addition, several universi- ties in the field of applied sciences are providing conti- nued professional study courses on the topic.

Research activities are largely centered around the cluster of ETH, EPFL, University of Zurich, University of Basel, HSR for Technology Rapperswil, and the University of Lucerne. ETH has famous institutes for distributed computing, IT security and is the birthplace of well-known computer languages. EPFL, with a dedi- cated institute on digital trust (C4DT), is engaging in a wide industry-supported initiative where blockchain is a critical component. The Blockchain Center at the University of Zurich has created a wide range of acti- vities, including a dedicated MAS, research projects, and a unique interdisciplinary approach that draws on expertise from the largest faculty in Switzerland.

The University of Basel heavily focuses on capital markets and the future of finance, whereas the Univer- sity of Lucerne is the steward of the world’s leading technical conference on blockchain, and HSR Rapper- swil remains at the forefront of DLT with regards to

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 16 Universities Engaged in Blockchain and DLT

HWZ University of EPFL FFHS Zürich St. Gallen Lausanne Bern & Zürich Zürich St. Gallen

Ostschweizer University University Digital Finance Fachhochschule IMD of Bern of Zurich Rapperswil Lausanne Bern Zürich

HSR Hochschule für Technik HEC UNIBAS ETH Zürich Rapperswil Lausanne Basel Zürich

University of Liechtenstein University of Neuchatel Vaduz Neuchatel HSLU Lucerne School of Information Technology Lucerne HES-SO Valais-Wallis Sierre FH GR Graubünden

Université de SUPSI Genève Manno Genève

USI Haute école de Lugano gestion Genève

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 18 Crypto Valley Top 50 & MEDIA T INSURTE TAINMEN CH Companies per Sector NTER T E RA VE RT LE L A ISU & RE KCHAIN OTH The CV VC Top 50 Report H2/2020 lists the core Bloc- OC ER TR BL I S A O N U N T D P S kchain Ventures in Switzerland and Liechtenstein. Key P S U P P Y K S LY O R N T C R selection criteria: Funding, valuation, and employees C A R H T B IE A & in Switzerland and Liechtenstein. S IN

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Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 19 Crypto Valley Companies by Region

Crypto Valley, which includes both Switzerland and Liechtenstein, is home to 960 blockchain/crypto- currency companies. CV VC research shows ten crypto hotspots in Crypto Valley: Zug, Zurich, Liechtenstein, Geneva, Ticino, Neuchatel, Vaud, Lucerne, Bern, and Schwyz. Zug continues to be the heart of the Crypto Valley, as about half of all companies make Zug their home (433). The Canton of Zurich counts 178 compa- nies, Geneva counts 57, Ticino counts 49, Neuchâtel counts 26, Vaud counts 32, Lucerne counts 20, Bern counts 15, and Schwyz counts 13. The Principality of Liechtenstein counts 83 companies.

ZH

NE - VD - GE TI - FL 960 COMPANIES ZG

Number of startups per canton. The darker the color, the more companies are registered in that canton. Only cantons with more than 20 registered companies are named. Example: Zug has 400+ companies so it is colored in dark blue and indicated with ZUG.

Technology Partner In collaboration with Employees inCrypto Valley Levels Employment Top 50 Companies and Liechtenstein. 5180 professionals inSwitzerland tocurrency ecosystem employs over The Crypto Valley blockchain andcryp Crypto Valley allcompanies Top 50companies EMPLOYEES EMPLOYEES 5,184 819

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EMPLOYEES IN SWITZERLAND AND LIECHTENSTEIN 100 60 50 20 10 1 5 3 2012 upper rightquadrant Example: The newer thecompany andthemore people itemploys, thefurtheritispositionedin companies. The Y axisdisplays thenumberofemployees ofeachcompany inCrypto Valley. Incorporation vs. employees. The Xaxisdisplays theincorporation date ofCrypto Valley’s Top 50 2013 2014 2015 Technology Partner 2016 INCORPORATION CV VC Top 50Report H2/2020 2017

In collaboration with

Blockchain Industry inCrypto Valley Visualized .20 2018 2019 2020 CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 21 Valuation and Funding Total valuation

To portray more accurate valuations and market capi- $225BL talization, the data in this report refers to February 28th, 2021, and not 2020 Year-End. The composition of the TOP 50 changes slightly each reporting period (additions and subtractions noted in the report). $200BL

Crypto Valley’s Top 50 Companies valuation and funding $175BL

Ethereum H2/2019 H1/2020 H2/2020 $150BL

US$ 25.3 US$ 37.5 US$ 254.9 Billion Billion Billion $125BL valuation valuation valuation

US$ 10.8 US$ 12.3 US$ 97.8 Billion Billion Billion $100BL valuation w/o valuation w/o valuation w/o ethereum ethereum ethereum

$75BL US$ 4 US$ 3.7 US$ 3.7 Billion Billion Billion Cardano funding funding funding $50BL Unicorns On February 28th, 2021, Crypto Valley counts a total Total valuation Polkadot Total valuation of 11 Unicorns (Companies valued at >US$ 1B) $25BL Ethereum AAVE Ethereum $157.2B Cosmos $3.8B Near $1.1B Ethereum Cosmos Solana Cardano $40.6B Solana $3.3B Nexo $1.1B Tezos Polkadot $29.3B Tezos $2.6B Diem $1.0B $0BL H2/2019 H1/2020 H2/2020 AAVE $3.9B Dfinity $2.0B

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 22

Blockchain Technology Golem Lisk Bancor Valuations of large platforms are volatile and domina- ted by Ethereum. Crypto Valley is home to many large Securosys projects that drive technology innovation. The value of platforms and projects in this category will be driven by how many successful applications are built by Cosmos entrepreneurs and enterprises utilizing specific chains. Cardano Santiment Polkadot Status

Concor- dium Tezos

Aragon Ethereum

Deon- Casper- Digital labs Near Dfinity

Cysec Waves Solana Aeternity

Velas

HDAC

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 23

Financial Industry Crypto Taurus Metaco Finance Bity Crypto Valley is a hotbed for Fintech, as startups can draw from a large pool of talent and proximity to many players in traditional finance. Valuations have been driven by the new Crypto Banks and a range of players providing critical services, such as brokers, Eidoo SwissBorg asset managers, liquidity providers, payment tech, Bitcoin Curve.fi exchanges, storage, and custody. Diem Suisse

Cryptix

Bittrex SEBA Global Bank AG AAVE

Mt Flovtec Pelerin Oxygen.org Nexo

Core Ledger 21 Shares Sygnum Invest with total confidence Bank AG in the crypto ETPs by 21Shares Enzyme Zulu Republic

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 24

Other Industries

Maps.me is building a crypto-incentivized platform for its large user base. Companies such as 4Art and Utopia are building new business models on the strength of their blockchain-based technology stack. Given the advantageous regulatory framework, it can be expected that more startups and large corporates will choose to bring their business to Crypto Valley.

Maps.me

Utopia 4ART

Etherisc

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 26 Methodology and Selection for the Crypto Valley Top 50

The CV VC Top 50 Report lists the major blockchain com- panies in Crypto Valley (Switzerland and Liechtenstein) excluding companies or organizations from the following categories: service providers, academia/education, events, association, and media.

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 27

Blockchain • DATA & ANALYTICS • HARDWARE & INFRASTRUCTURE • PLATFORM & PROTOCOL COMPANY NAME DESCRIPTION Technology $152,300,000 CB Bancor Bancor is a blockchain protocol that allows users to convert different virtual currency tokens FUNDING directly and instantly instead of exchanging them on cryptocurrency exchanges like Coinba- se. It is a decentralized financial network that CMC seeks to provide liquidity to small- and micro- $661,481,731 cap coins and returns for liquidity providers. VALUATION It utilizes two token layers that facilitate its liqui- Token Ticker: dity pools and functionality: BNT and ETHBNT. BNT Bancor and its competitor Uniswap are the Li leaders in a new wave of decentralized finan- 2 01 Sub-Category: Source: Corporate Contact (CC); CrunchBase (CB); IcoBench (IB); TrackIco (TI); Desk cial systems. Research/Press (DR) Coinmarketcap (CMC); Corporate Website (CW); LinkedIN (Li), Esti- Platform & Protocol EMPLOYEES CH mate (2), Valuation equals Funding (1), No information (N/A)

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CB Aeternity $24,426,689 Cardano $62,200,000 æternity blockchain is an Erlang-based scalable FUNDING FUNDING smart contract platform engineered by program- ming pioneers to address some of the most fundamental challenges native to earlier bloc- Cardano is a decentralised public blockchain and kchains. By redesigning blockchain technology $45,190,471 CMC cryptocurrency project and is fully open source. $40,527,248,334 CMC at the protocol level, the æternity developer Cardano is developing a smart contract platform community has enabled the core protocol to VALUATION which seeks to deliver more advanced features VALUATION than any protocol previously developed. Token Ticker: understand and integrate a rich set of func- Token Ticker: AE tionalities as built-in oracles, off chain smart ADA contract executions, naming service, or type 8 CC 8 Li Sub-Category: safe VM, out of the box. Sub-Category: Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $25,000,000 CB $40,000,000 CC Aragon Create value without borders or intermediaries. Casper Labs The Casper Network is a fully decentralized (permis- Aragon is being built because so that decen- FUNDING FUNDING sionless), scalable, and highly secure Proof-of- tralized organizations can solve the world’s Stake layer 1 blockchain. Casper has solved the worst problems. Aragon is a project that aims layer 1 trilemma; it is secure, fully decentralized, to disintermediate the creation and mainte- CMC and scalable/fast. Powered by Highway, an inno- CC nance of organizational structures by using $156,879,295 vative, correct-by-construction (CBC) Casper-ba- $150,000,000 blockchain technology. The company wants to sed Proof-of-Stake consensus protocol, Casper is VALUATION VALUATION empower people across the world to easily and leveraging popular workflows, innovative deve- Token Ticker: securely manage their organizations. Aragon Token Ticker: loper tools and multiple programming langua- ANT provides the tools for anyone to become an N/A ges. Casper makes blockchain services easier Li to use, more upgradable and more predictable, CC entrepreneur and run their own organization, 1 8 Sub-Category: Sub-Category: thus removing barriers to mainstream adoption. to take control of their own lives. Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 28

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $30,000,000 CC $16,000,000 CC Concordium Deon Digital Deon Digital leverages more than 10 years of When launched in 2021, the Concordium bloc- FUNDING FUNDING academic research, a world-class team, and kchain will be a Level-1, Proof-of-stake, regula- the power of distributed ledger technology tory-compliant, enterprise-grade blockchain with verified identity of users built-in at the protocol to turn paper contracts into digital contracts. level and with application of zero-knowledge $205,000,000 CC Contracts are at the core of a company cove- $70,000,000 CC proofs. Technological innovations will enhance ring all its operational aspects: sales/purchase, its performance and allow the blockchain to be VALUATION production, loans, insurance, pensions, trans- VALUATION fast without compromising security, be scalable, portation, mobility, logistics, etc. Token Ticker: offer interoperability and it’s partial synchro- Token Ticker: Deon Digital Technology captures them all; it GTU nicity adjust to the speed of the internet and CC N/A stores, executes and monitors digital contracts CC ensure that Concordium won´t break under any 5 21 Sub-Category: securely and privately. It dramatically reduces the circumstances. Sub-Category: Platform & Protocol EMPLOYEES CH Hardware & Infrastructure amount of time that is spent to reconcile data. EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CB DR Cosmos $17,000,000 Dfinity Foundation The DFINITY Foundation is a not-for-profit organi- $200,000,000 Interchain Foundation, a Swiss non-profit, which zation based in Zurich, Switzerland, that oversees FUNDING FUNDING is responsible for co-ordinating fundraising and research centers in Palo Alto, San Francisco, Tokyo, allocating funds to get the network off the ground. and Zurich. Our mission is to build, promote, and The foundation will suggest a distribution of Atoms maintain the Internet Computer — and by doing according to the results of the fundraiser. Users CMC so, improve the world. The Internet Computer DR will ultimately decide the distribution for them- $3,761,724,614 extends the functionality of the internet from $2,000,000,000 selves when they run the software. The Interchain connecting billions of people to also providing VALUATION VALUATION Foundation will suggest that 5% of the Atoms millions of developers and entrepreneurs with Token Ticker: go to its initial donors, 10% go to the Interchain Token Ticker: a public compute platform — creating a revo- ATOM Foundation, 10% go to the company developing DFN lutionary new way to build software, DeFi and most of the software, and the remaining 75% to 3 2 open internet services. In turn, this generational 52 CC Sub-Category: be distributed according to the results of the Sub-Category: shift in computing aims to return the internet Platform & Protocol private and public fundraisers. EMPLOYEES CH Platform & Protocol back to its free and open roots. EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $3,376,000 CC $18,400,000 CB Cysec SA Ethereum Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as CYSEC SA is a data security company based at FUNDING FUNDING programmed without any possibility of downti- the EPFL Innovation Park in Lausanne, Switzer- me, censorship, fraud or third-party interference. land. CYSEC brings 360° security in one click These apps run on a custom built blockchain, an for container-based workloads and platforms 2 enormously powerful shared global infrastructure $157,185,706,954 CMC through its ARCA trusted OS software. CYSEC $50,000,000 that can move value around and represent the partners with leading cybersecurity research ownership of property. This enables developers VALUATION VALUATION centers to develop technological innovations to create markets, store registries of debts. or Token Ticker: Token Ticker: promises, move funds in accordance with instruc- in the area of Confidential Computing and ETH N/A delivers its cybersecurity solutions for any tions given long in the past (like a will or a futures Li CC contract) and many other things that have not 10 vertical sectors. 20 Sub-Category: Sub-Category: been invented yet, all without a middleman or Hardware & Infrastructure EMPLOYEES CH Platform & Protocol counterparty risk. EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 29

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CB CC Golem $17,200,000 Lisk $5,800,000 Develop and publish blockchain applications FUNDING FUNDING with your own sidechains on the open-source Golem is a global, open source, decentralized Lisk Platform. Promotion of new technology supercomputer that anyone can access. It is made developments and applications, in particular up of the combined power of users machines, CMC promotion and maintenance of new open decen- CMC from PCs to entire data centers. Golem creates $326,325,752 $363,299,639 tralized software architectures. In the foreground a decentralized sharing economy of compu- VALUATION - but not exclusively - is the promotion and VALUATION ting power and supplies software developers Token Ticker: development of the so-called Lisk protocol and Token Ticker: with a flexible, reliable and cheap source of the corresponding technology as well as the GLM computing power. LSK 2 Li promotion and support of applications using 4 CC Sub-Category: Sub-Category: the Lisk protocol. Hardware & Infrastructure EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION IB CB Hdac Technology $258,000,000 NEAR $50,000,000 FUNDING FUNDING

Headquartered in Zug, Switzerland, Hdac Tech- NEAR is a decentralized storage and compu- nology AG is a blockchain technology company CMC te platform that is secure enough to manage CC that aims to develop and provide a decentralized $49,798,466 high value assets like money or identity and $1,109,014,377 platform that meets a variety of needs required performant enough to make them useful for VALUATION VALUATION in the hyper-connected society. This is done by everyday people, putting the power of the Open Token Ticker: combining blockchain with other core technolo- Token Ticker: Web in their hands. HDAC gies including IoT, Cloud, Big Data, and others. N/A 2 Li 4 Li Sub-Category: Sub-Category: Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION DR DR ICON $45,000,000 Polkadot Polkadot will enable a completely decentrali- $1,200,000,000 zed web where users are in control. The plat- The ICON project is building one of the largest FUNDING FUNDING form is built to connect private and consortium decentralized networks in the world. Promo- chains, public and permissionless networks, tion and development of new technologies and oracles, and future technologies that are yet applications, especially in the areas of new CMC to be created. Polkadot facilitates an internet CC open and decentralized software architectures. $852,187,522 $29,299,264,152 where independent blockchains can exchange In the foreground - but not exclusively - is the VALUATION information and transactions in a trustless way VALUATION promotion and development of the so-called via the Polkadot relay chain. Polkadot makes it Token Ticker: ICON protocol and the corresponding techno- Token Ticker: easier than ever to create and connect decen- ICX logies, as well as the promotion and support of DOT Li tralized applications, services, and institutions. 2 applications using the ICON protocol. 1 5 Sub-Category: Sub-Category: Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 30

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CB Santiment $12,215,250 Status $107,664,907 FUNDING FUNDING Status is an interface to access Ethereum, built Santiment creates tools to help analyze the for Android and iOS. Enjoy encrypted messa- crypto market and find data-driven investment ging, a cryptocurrency wallet, and seamless opportunities. The project provides clean and CMC CMC $9,167,452 access to DApps. Status strives to be a secure $276,795,379 reliable on-chain, social media and develop- communication tool that upholds human rights. ment information on over 1000 crypto assets, VALUATION VALUATION Designed to enable the free flow of information, and develops unique metrics, signals, strategies Token Ticker: Token Ticker: protect the right to private, secure conversations, and reports on top of their custom datasets. SAN SNT and promote the sovereignty of individuals. 2 CC 6 Li Sub-Category: Sub-Category: Data & Analytics EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CB Securosys $3,000,000 Tezos Network $700,000,000 Securosys SA is a technology company head- FUNDING The Tezos protocol is a blockchain technology FUNDING quartered in Zurich, Switzerland. We secure that evolves by upgrading itself. Stakeholders data and communications. Our products are of the Tezos blockchain vote on amendments developed and manufactured in Switzerland CC to the protocol to reach social consensus on CC and with vested European partners using a trus- $40,000,000 proposals, creating a secure and organic upgra- $2,593,005,929 ted supply chain. There are no backdoors. Our ding system. The protocol’s on chain gover- VALUATION TEZOS MARKET CAP flagship product is the Primus Hardware Secu- nance system, Proof-of-Stake (PoS) consensus Token Ticker: rity Module used to protect the Swiss banking Token Ticker: algorithm, and ability to facilitate formal verifi- N/A XTZ cation, make Tezos an ideal long-term solution system SIC, blockchain and crypto assets solu- CC CC tions, and Public Key Infrastructure Systems. 18 for digital transactions. 12 Sub-Category: Sub-Category: Hardware & Infrastructure EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $21,800,000 CMC CC Solana Velas $10,000,000 FUNDING FUNDING Solana is a highly functional open source project Velas is a Swiss headquartered technology that banks on blockchain technology’s permis- company led by a diverse team of engineers, sionless nature to provide decentralized finan- cryptographers, researchers, mathematicians ce (DeFi) solutions. While the idea and initial $3,258,090,278 CMC and results-driven business leaders. World’s $85,088,041 CC work on the project began in 2017, Solana was first Artificial Intuition optimised consensus and officially launched in March 2020 by the Sola- VALUATION Blockchain, including an ecosystem of decen- VALUATION Token Ticker: na Foundation with headquarters in Geneva, Token Ticker: tralized products, designed in an user-friendly SOL Switzerland. The Solana protocol is designed VLX way, allowing anyone to feel the benefits of to facilitate decentralized app (DApp) creation. 1 Li blockchain technology seamlessly. 2 CC Sub-Category: Sub-Category: Platform & Protocol EMPLOYEES CH Platforms & Protocol EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 31

COMPANY NAME DESCRIPTION CB Waves Platform $142,000,000 FUNDING Waves creates the economics of free, perfect and instant. The Waves Platform is a global public blockchain platform, founded in 2016. Waves Platform’s mission is to reinvent the $949,003,265 CMC DNA of entrepreneurship around the world by providing a shared infrastructure, offering VALUATION Token Ticker: easy-to-use, highly functional tools to make WAVES blockchain available to every person or orga- nisation that can benefit from it. 1 Li Sub-Category: Platform & Protocol EMPLOYEES CH

Technology Partner In collaboration with . 32 NEAR on Scalability & Usability to Achieve Mass Adoption

More than a decade after Bitcoin’s genesis block and that of Ethereum 1.0, across 100 shards. Combined cost and scalability today, without having to commit five years since the Ethereum mainnet launched, bloc- with gas fees between 1000x and 10,000x cheaper fully to one network or the other. kchain networks support trillions of dollars in value than those on ETH, this horizontal scaling approach and have millions of users worldwide, but they have also opens the door to greater usability. NEAR interoperates with Ethereum via a fully decen- not achieved anything close to mainstream global tralized asset bridge and EVM support, which allows adoption. Many use cases have been unavailable to Developer experience and end-user accessibility Solidity contracts to run on NEAR without any code blockchain builders––especially in the last year, with are the top priorities for NEAR, all the way down to rewrites. The ideal for many developers and applica- the rise of DeFi on Ethereum and the resulting ne- the protocol level. Developers can use familiar tools, tion builders in today’s blockchain landscape is to run twork congestion––because of slow confirmation, high such as Rust or AssemblyScript, to build on NEAR’s a product on multiple blockchains and get the best of gas fees, and high hurdles to onboarding users. The WASM-based runtime, and the application build/test/ each: they can leverage community and liquidity on crypto ecosystem will likely evolve to become more deploy cycle is much faster and simpler than on most one, while leveraging performance on another. Using multichain to address these bottlenecks and a ran- networks. Transaction fees are predictable and deve- the ETH-NEAR bridge, a developer can have the same ge of layer-one protocols and layer-two solutions will lopers can earn a rebate of 30% of the gas moving asset on both blockchains and let apps communicate apply their own strategies to address scalability and through their smart contracts. across the bridge. usability. NEAR believes the future of blockchain relies on pro- In order to realize the NEAR collective’s vision of a NEAR’s approach is to focus on the developer and gressive onboarding for users new to crypto. NEAR’s world where all people have control of their money, user experience. By focusing on accessibility and usa- unique contract-based account model provides the data, and power of governance, we need a positi- bility, it can become just as easy to develop a decen- flexibility to onboard users to an application who ei- ve-sum approach to growing adoption of all open te- tralized application on a blockchain as it is to build ther don’t hold NEAR tokens or have never interacted chnologies and decentralized networks. Rebuilding a any other kind of application on today’s internet––and with a blockchain––a process that can take dozens of truly open, decentralized web is not about performan- just as easy to use. NEAR Protocol is a fully decen- steps and complex fiat onramps on most other ne- ce and features alone, but about empowering builders tralized, community-controlled layer-one blockchain tworks. Human-readable, named account addresses and entrepreneurs to make their ideas a reality and protocol and smart contract platform. The mission of (i.e. cryptovalley.near) replace long, clunky hex strings onboard users without barriers. the NEAR collective is to accelerate the world’s tran- and can support multiple names within a single public sition to open technologies by growing and enabling key. With progressive onboarding, the crypto elements a community of developers and creators. of using decentralized apps on NEAR can be 100% abstracted away from the user and the complexities Mally Anderson Beyond ease of use to support global adoption, the of gas fees, storage costs, seed phrases, and keys are network must be able to scale to meet that volume obscured from their experience until they are ready to Head of Developer Con- of demand––which NEAR can, using dynamic shar- claim their wallet and hold their own tokens. tent at NEAR Protocol ding and a novel consensus mechanism. Dynamic sha- rding divides the system into parallel shards that each Because NEAR is a sharded scalable blockchain, the www.near.org handle a subset of the computation and which can be easiest point of comparison is Ethereum 2.0––but this added or removed based on usage. This horizontal does not mean they are competitors. Quite the oppo- scaling approach (as opposed to vertical scaling, as site, in fact: NEAR is compatible and interoperable with Ethereum layer-twos such as rollups) raises the with Ethereum 1.0 today. The hope is that NEAR sol- network’s potential throughput to more than 1000x ves many developers’ pain points and blockers around

Powered by NEARTechnology Protocol Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 33

Blockchain • ASSET MANAGEMENT & INVESTMENT • ATM, BROKER & OTC COMPANY NAME DESCRIPTION • CRYPTO BANKS Financial Bitcoin Suisse Founded in 2013, Bitcoin Suisse is the Swiss $50,500,000 CC • CRYPTO EXCHANGES crypto-finance and technology pioneer and market leader. Bitcoin Suisse has helped to FUNDING Industry • LENDING & FUNDING shape the crypto and blockchain ecosystem in Switzerland and has been a driving force • PAYMENT & STABLETOKEN in the development of the ‘Crypto Valley’ and CC • WALLET & VAULT ‘Crypto Nation Switzerland’. As a regulated $450,000,000 Swiss financial intermediary and undergoing VALUATION Token Ticker: licensing as a Swiss and Liechtenstein bank, N/A Bitcoin Suisse offers prime brokerage, trading, custody, lending, staking and other crypto-fi- CC 02 Sub-Category: nancial services for private and institutional 220 Source: Corporate Contact (CC); CrunchBase (CB); IcoBench (IB); TrackIco (TI); Desk ATM, Broker & OTC clients. Bitcoin Suisse has built a team of 220 Research/Press (DR) Coinmarketcap (CMC); Corporate Website (CW); LinkedIN (Li), Esti- highly qualified experts at its locations in Zug, EMPLOYEES CH mate (2), Valuation equals Funding (1), No information (N/A) Copenhagen, and Liechtenstein.

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $7,500,000 CC 2 21 Shares AG Bittrex $5,000,000 FUNDING FUNDING

Zürich-based 21Shares AG is the world’s premier Bittrex Global provides a proven and secure plat- form for its customers to access the opportu- issuer of crypto exchange-traded products, CC 2 $250,000,000 nities of digital asset trading. Built on Bittrex’s $500,000,000 with over $1 billion in AUM across eleven index, cutting-edge technology, Bittrex Global provides single-asset, and inverse crypto ETPs listed on VALUATION an institutional grade experience for professional VALUATION the Swiss SIX, Deutsche Börse, & Weiner Börse. Token Ticker: Token Ticker: and novice customers alike. N/A N/A CC 5 CC Sub-Category: 12 Sub-Category: ATM, Broker & OTC Crypto Exchanges EMPLOYEES CH EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $16,500,000 CB $3,500,000 CC Aave Aave (fun fact: the name is taken from the Bity Finnish word for “ghost”) is a decentralised, FUNDING FUNDING open-source, and non-custodial liquidity proto- The Swiss gateway to convert money into cryp- col on Ethereum. Depositors earn interest by tocurrencies and digital assets. Buy and sell providing liquidity to lending pools, while CMC bitcoins and ethers. Introducing Bity Kiosks, the 2 borrowers can obtain loans by tapping into $3,911,672,775 easiest way to acquire or sell bitcoins with cash. $50,000,000 these pools with variable and stable interest Only a phone number is required. Bitcoin ATMs VALUATION VALUATION rate options. Aave Protocol is unique in that it are currently located in Geneva, Lausanne, Token Ticker: tokenizes deposits as aTokens, which accrue Token Ticker: Montreux, Neuchâtel, Zürich Hauptbahnhof AAVE N/A interest in real time. It also features access to 2 and Zürich Hardbrücke. Li Flash Loans and Credit Delegation as unco- 3 14 Sub-Category: Sub-Category: Lending & Funding llateralised loan options. ATM, Broker & OTC EMPLOYEES CH EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 34

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC 2 CoreLedger CoreLedger provides a decentralized, modu- $8,500,000 Curve.fi $2,500,000 lar and extensible operating system for token FUNDING FUNDING economies, designed for all types of assets. Curve is an exchange liquidity pool on Ethe- The company’s core product is TEOS (Token reum (like Uniswap) designed for (1) extre- Economy Operating System), which comes mely efficient stablecoin trading (2) low risk, with user-friendly whitelabel tools such as a $25,000,000 CC supplemental fee income for liquidity providers, $412,786,566 DR marketplace, wallet and portal. It features a without an opportunity cost. patent pending multi-party settlement mecha- VALUATION Curve allows users to trade between DAI and VALUATION Token Ticker: nism and simple powerful add-ons to ensure Token Ticker: USDC with a bespoke low slippage, low fee N/A regulatory compliance. With TEOS, busines- N/A algorithm designed specifically for stablecoins ses can tokenize any types of assets, or use 9 CC and earn fees. 2 Li Sub-Category: it in Sandbox mode to quickly showcase and Sub-Category: ATM, Broker & OTC Crypto Exchanges model blockchain business ideas. EMPLOYEES CH EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION N/A $210,000,000 DR Cryptix Diem Diem, previously known as Libra, is a payment Cryptix AG is the central venture-building FUNDING system built on blockchain technology to enable FUNDING platform and umbrella for a European cluster the open, instant, and low-cost movement of of businesses in Crypto Valley. The company money. People will be able to send, receive, and founds, promotes and maintains subsidiaries spend their money, enabling universal access 2 and participations that work under one vision 2 $50,000,000 to financial services. $1,000,000,000 to create the “People’s financial marketplace”. The Diem Blockchain is the technological back- The Group consists of companies in Switzerland, VALUATION VALUATION bone of the payment system, operated by a Liechtenstein, Austria and Slovenia. Cryptix Labs Token Ticker: Token Ticker: network of validator nodes. The software that GmbH, the in-house R&D center accompanies N/A N/A implements the blockchain is open source and these initiatives with studies and technology CC Li 9 is able to scale so that billions of people can 7 Sub-Category: around Blockchain and DLT. Sub-Category: Payment & Stabletoken depend on it for their financial needs. Payment & Stabletoken EMPLOYEES CH EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $36,000,000 CC CB Crypto Finance The Crypto Finance Group provides institutional Eidoo $27,900,000 and professional investors products and services FUNDING FUNDING with a level of quality, reliability, and security that is unique in the digital asset space today. The group provides asset management, with Eidoo, a Ticino based blockchain startup, has CC CMC the first regulated asset manager for crypto $100,000,000 officially launched the ICO Engine to allow cryp- $32,114,956 asset funds authorised by FINMA; brokerage to companies and startups host and manage services for 24/7 crypto asset trading; and VALUATION their token sales safely and with ease via the VALUATION Token Ticker: crypto asset storage infrastructure and toke- Token Ticker: Eidoo mobile app. N/A nisation solutions. Since its founding in 2017, PNT the group has been recognised several times, 40 CC 14 Li Sub-Category: including as a Crypto Valley Top 50 blockchain Sub-Category: ATM, Broker & OTC Wallet & Vault company, Top 100 Swiss Start-up, and 2019 EMPLOYEES CH EMPLOYEES CH Swiss FinTech Award winner.

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 35

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CC Enzyme $3,000,000 Mt Pelerin Mt Pelerin is a Swiss FinTech company based $2,150,000 in Geneva, specialized in providing tools and FUNDING solutions to bridge traditional finance with FUNDING Enzyme empowers you to build and scale the crypto world. It provides an open-source investment strategies of your choice - from asset tokenization platform for the issuance discretionary and robo to ETFs and market $52,775,276 CC and management of compliant digital secu- $43,000,000 CC making. Security is our priority. Our second rities, which processes the largest number of generation smart contract-enforced platform VALUATION ERC-20 security tokens in circulation. It also VALUATION provides a non-custodial mobile wallet with Token Ticker: is thoroughly tested and audited before any Token Ticker: MLN mainnet deployments are made. MPS crypto-fiat banking features, as well as various CC tokenization, KYC/AML and crypto brokerage CC Sub-Category: 3 Sub-Category: services. Mt Pelerin is currently working on the 10 Asset Management & ATM, Broker & OTC creation of a full-reserve institution that will leve- EMPLOYEES CH EMPLOYEES CH Investment rage its tokenization and banking technologies.

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $4,950,000 CC $52,500,000 CC Flovtec Flovtec is an award-winning leader in the field Nexo Nexo is the world’s leading regulated finan- of liquidity provision for digital assets. As a key FUNDING cial institution for digital assets with $4 billion FUNDING player in the Blockchain ecosystem, flovtec fosters in assets under management. The company’s price stability and reduces transaction costs, for mission is to maximize the value and utility of the benefit of all market participants. The firm is built on three pillars: a highly experienced CC cryptocurrencies by offering tax-efficient Instant CMC and visionary team, tested investment strategies $25,000,000 Crypto Credit Lines™, a high-yield Earn on Cryp- $1,052,447,127 and a professional operational structure. The to & Fiat suite, and sophisticated trading and VALUATION VALUATION team is comprised of Blockchain pioneers with OTC capabilities, while providing the top-tier Token Ticker: detailed insights into the ecosystem of digital Token Ticker: custodial insurance and military-grade secu- N/A assets and its future, experienced asset mana- NEXO rity of the Nexo Wallet. Nexo has processed CC CC gement professionals with proven track records 9 $5+ billion for 1,000,000+ users across more 20 Sub-Category: and quants that can deploy investment strategies Sub-Category: ATM, Broker & OTC Lending & Funding than 200 jurisdictions. in a quick and efficient manner. EMPLOYEES CH EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CC Metaco $20,000,000 Oxygen.org AG $40,000,000 FUNDING FUNDING

Defi prime brokerage. Oxygen enables you to METACO is the leading provider of security-critical custody a portfolio of assets, lend them out, CC CC infrastructure enabling financial institutions to $50,000,000 borrow against them and trade all in one place. $700,000,000 enter the digital asset ecosystem. The company Oxygen is built on the liquid and growing Serum is trusted by top banks, exchanges and infras- VALUATION ecosystem, running on Solana’s scalable block- VALUATION tructure providers globally. Token Ticker: Token Ticker: chain, and seeded by the 140M users of Maps.me N/A OXY 2.0, an on-chain mapping and fintech application. 20 CC 5 CC Sub-Category: Sub-Category: Wallet & Vault Lending & Funding EMPLOYEES CH EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 36

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CB SEBA Bank $136,442,500 Taurus Group Taurus is a technology company providing end-to- $10,000,000 SEBA Bank is a pioneer in the financial indus- end digital asset infrastructure for financial insti- try, providing a bridge between digital and FUNDING tutions. Multi-assets, multi-blockchains. EU market FUNDING traditional assets. SEBA Bank is the only global leader with more than 1 bank out of 2 running smart bank providing a fully universal suite of Taurus infrastructure. We offer a suite of applica- tions to manage the entire lifecycle of any digital regulated banking services in the emerging 2 2 digital economy. SEBA Bank enables clients to $350,000,000 assets (private assets, crypto assets and digital $100,000,000 currencies) in one platform: issuance, tokenisa- invest, safely keep, trade and borrow against VALUATION tion, custody and blockchain communication. VALUATION traditional and digital assets, as well as issue Token Ticker: Easy to deploy or integrate: API-based, availa- Token Ticker: tokens all in one place. The broad, vertically N/A N/A ble on premise or SaaS. Future-proof solutions: integrated spectrum of services combined with CC our engineers are among the few teams in the CC the highest security standards, make SEBA 83 30 Sub-Category: Sub-Category: world that master the full technology stack across Bank’s value proposition unique. Wallet & Vault software development, secure DevOps, crypto- Crypto Banks EMPLOYEES CH EMPLOYEES CH graphy and blockchain technology.

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CC SwissBorg $52,000,000 Zulu Republic $2,500,000 FUNDING FUNDING The Zulu Republic aims to mitigate the adop- tion problem, leveraging blockchain technology to create a sustainable cryptotoken ecosystem 2 Born out of an ICO, today SwissBorg is advi- $810,276,060 CC composed of individuals, merchants, and larger $50,000,000 sing over 200,000 people in crypto wealth businesses, bolstered by enterprise-level activity management. VALUATION and product “exports”—creating a place where VALUATION people can not only make use of blockchain Token Ticker: Token Ticker: technology in their daily lives but thrive in the CHSB N/A process of doing so. 36 CC 5 Li Sub-Category: Sub-Category: ATM, Broker & OTC EMPLOYEES CH Payment & Stabletoken EMPLOYEES CH

COMPANY NAME DESCRIPTION 2 Sygnum Sygnum is the world’s first digital asset bank, and $60,000,000 a digital asset specialist with global reach. With Sygnum Bank AG’s Swiss banking licence, as well FUNDING as Sygnum Pte Ltd’s capital markets services (CMS) licence in Singapore, Sygnum empowers institu- tional and private qualified investors, corporates, 2 banks and other financial institutions to invest in $500,000,000 the digital asset economy with complete trust. VALUATION Token Ticker: Sygnum operates an independently controlled, N/A scalable and future-proof regulated banking plat- form. Sygnum’s interdisciplinary team of banking, 90 CC Sub-Category: investment and Distributed Ledger Technology Crypto Banks (DLT) experts is shaping the development of a EMPLOYEES CH trusted digital asset ecosystem.

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 37

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC 2 Algo Trader Available on-premise or in the cloud, AlgoTrader $6,400,000 Shift Cryptosecurity $2,000,000 is an institutional-grade quantitative trading and FUNDING trade execution solution for conducting quanti- FUNDING Shift Cryptosecurity is an ETH spin-off that tative research, trading strategy development, produces hardware devices to secure digital strategy back-testing and automated trading assets, or, in other words, physical keys for for both traditional finance and crypto finance. our digital lives. The first product is the Digital 2 DR AlgoTrader provides everything a buy-side or $25,000,000 Bitbox, which is a minimalist hardware wallet $25,000,000 in a durable and portable case that is inser- sell-side firm requires to run its quantitative VALUATION trading and trade execution operations. It was VALUATION ted into a USB port. Private keys are stored Token Ticker: Token Ticker: the very first and most advanced quantitative encrypted on a tamper-​resistant high-​security N/A N/A trading and trade execution software to allow chip (50 year lifespan) that prevents physical Li CC data extraction. 13 Sub-Category: automated trading of Bitcoin and other digital 10 Sub-Category: ATM, Broker & OTC assets. Based in Zurich, New York, and Singa- Wallet & Vault EMPLOYEES CH pore, AlgoTrader operates globally. EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CC Custodigit and SIX Digital Exchange provide $10,000,000 $10,000,000 CustoDigit Smart Valor Founded in the Crypto Valley in 2017, SMART a unique Institutional Digital Asset Gateway. FUNDING VALOR was initially hosted by Thomson Reuters FUNDING The gateway supports the complete invest- Labs and became one of the first companies to ment value-chain from trading, to smart order embrace digital assets in Switzerland. Nomina- routing, to settlement, to custody as well as ted by Forbes as one of Europe’s 10 Most Exci- access to secondary markets. The joint servi- 2 CC $20,000,000 ting Technology SMEs, SMART VALOR today is $ 8,198,895 ces give banks – and their customers – trusted, leading the way with its fully compliant crypto- safe, secure, complaint yet seamless access to VALUATION currency exchange authorized by FMA and NFT VALUATION crypto-currencies and digital assets. Depen- Token Ticker: Token Ticker: marketplace for digital assets. It is supported by ding on a bank’s strategic objectives, it has the N/A VALOR leading venture capital funds such as Venture option to leverage Custodigit’s offering either CC CC 15 Incubator and is a holder of innovation grand Sub-Category: through a direct platform integration solution, Sub-Category: 4 Wallet & Vault Crypto Exchanges from Swiss government (Innosuisse). or a managed sub-custody service. EMPLOYEES CH EMPLOYEES CH

COMPANY NAME DESCRIPTION CC Lykke $26,500,000 Lykke is a fintech company bridging the gap between traditional finance and blockchain. Lykke FUNDING runs a proprietary exchange where clients can buy, sell and store many types of tokenized assets, amongst them cryptocurrencies. Lykke CC Business offers cutting edge technology solu- $9,077,474 tions for enterprises in the dynamic financial, consumer and service sectors. By leveraging the VALUATION NOTE: Token Ticker: power of a broader ecosystem, Lykke’s platforms These additional Swiss Players are important projects and firms in the LKK eliminate barriers to market entry, solve ineffi- ciencies within current economic systems and 15 CC blockchain and crypto space. Therefore, they are listed in the report but not Sub-Category: democratize access to digital asset marketplaces. Crypto Exchanges included in the totals of the Top 50. EMPLOYEES CH

Technology Partner In collaboration with . 38 Why Every Bank Will Need A Crypto Asset Strategy Blockchain - a Game Changer For Financial Services

We live in an age of digital disruption that has acce- crypto assets, and developing a digital asset strategy, Their focus: how to maintain their competitive edge in lerated over the last year. In the midst of this change, is an efficient way to meet this need for innovation, in an increasingly technologically driven market. crypto assets are emerging as a ‘safe-haven’ asset for incremental steps. institutional investors looking for alternative stores What Challenges Do Banks Face? of value for their investment portfolios. Increasing Regulatory Clarity As the number of crypto asset transactions increa- This comes as the Crypto Finance brokerage has recei- With a new DLT law addressing crypto assets effective ses, banks will face many challenges. They will need ved the licence as a securities firm from the Swiss fi- in February 2021, Switzerland is one of the few coun- to build the infrastructure to support crypto assets nancial authority FINMA. The timing couldn’t be better tries with this regulatory clarity. The securities house and expertise to do this efficiently, while running their for this leading digital asset enabler from the Crypto licence granted by FINMA to Crypto Broker AG – the existing banking systems in parallel for many years Valley. Brokerage CEO Rupertus Rothenhäuser exp- brokerage firm of Crypto Finance Group – is one more to come. lains why. step in making secure, reliable access to crypto assets possible for the finance sector. The other challenge banks face is creating access to A new asset class is emerging – crypto assets. It is an the market to allow their clients to invest. Whether asset class designed for the new digital age we are Rupertus Rothenhäuser, CEO of the brokerage com- trading and transacting directly, or asset management now entering. As central banks unleash record levels ments, “It’s now possible for banks to shape a cryp- with white label products, banks will need an offering of monetary stimulus, and technology continues to ra- to asset strategy within the regulated finance sector,“ for various clients. pidly reshape our global economy, conventional thin- based on the full suite of crypto asset financial servi- king will not bring the answers for what lies ahead. ces the Crypto Finance Group provides professional A further step will be tokenising assets and accessing investors. liquidity as the markets evolve, or as a means to raise Bitcoin and other crypto assets have attracted retail finance. By working with licenced counterparties, like investors and now the attention of institutional inves- Why Does Every Bank Need a Crypto the Crypto Finance Group and our brokerage busi- tors, who are drawn to the independence these assets ness Crypto Broker AG, banks have a viable, efficient enjoy from the policies of central banks and gover- Asset Strategy? path to offering crypto asset services to their clients. nments, and the blockchain technology shaping the Without a strategy for crypto assets, banks will be future of finance. unable to serve their clients’ needs in the future. Dis- tributed ledger technology is only just emerging wi- Rupertus Crypto Assets: New Infrastructure and thin the banking industry, but it is a technology that Rothenhaeuser will establish itself at the heart of banking. Without it, Expertise banks will miss out on opportunities for efficiency and CEO of Crytpo Broker Banks will need to both create the infrastructure for access at a time when we are entering a new digital AG, part of the Crypto crypto assets and respond as trusted advisors to and technologically driven age. Finance Group clients who are interested in investing in this asset class. This creates a challenging duality: the current Banks are taking this new technology very seriously www.cryptofinance.ch financial system remains, and this new digital asset despite the formidable challenges they face. finance sector emerges. Securing the expertise of a specialised partner for trading and investing in

Powered by the CryptoTechnology Finance Partner Group In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 39

Blockchain Other • ART • INSURTECH COMPANY NAME DESCRIPTION Industries • MEDIA & ENTERTAINMENT $50,000,000 CC • TRANSPORT & SUPPLY CHAIN Maps.me FUNDING • TRAVEL & LEISURE

Leading offline maps mobile app with 140 million $700,000,000 CC registered user. Creating embedded FinTech story on this basis with a strong defi angle. VALUATION Token Ticker: MAPS 5 CC 03 Sub-Category: Source: Corporate Contact (CC); CrunchBase (CB); IcoBench (IB); TrackIco (TI); Desk Re- Travel & Leisure search/Press (DR) Coinmarketcap (CMC); Corporate Website (CW); LinkedIN (Li), Estimate EMPLOYEES CH (2), Valuation equals Funding (1), No information (N/A)

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CC 4ARTechnologies 4ARTechnologies is setting a new digital $50,000,000 Utopia Music $12,000,000 standard for the art world. The company FUNDING FUNDING combines the blockchain with its patented Augmented-Authentication-Technology and Utopia Music is a technology company that leve- offers all art world participants more trans- rages big data in order to enhance the global parency, security and process efficiency. Us- CC CC $500,000,000 music industry through increased revenues, $154,000,000 ing a smartphone camera, the microscopic reduced costs, accelerated payment cycles and structure of an artwork is captured and con- VALUATION VALUATION improved insights, while creating an ecosystem Token Ticker: verted into a digital “fingerprint”. Together Token Ticker: where music and tech foster creativity & joy. 4ART with the provenance of an artwork, this N/A fingerprint is secured with the blockchain 22 CC 21 CC Sub-Category: as a “biometric passport”. Once stored, the Sub-Category: Media & Entertainment Art artwork is safely and uniquely assigned to EMPLOYEES CH EMPLOYEES CH its digital certificate.

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $3,644,240 IB $13,350,000 CC ETHERISC Modum modum.io sensor devices record environmental FUNDING conditions while physical products are in transit. FUNDING When a change in ownership occurs, the collected Etherisc’s mission is to build decentralized data is checked against a specific smart contract insurance applications, making the purchase in the blockchain. This contract validates that the and sale of insurance more efficient, enabling CMC CMC $50,231,461 transaction meets all of the standards set out by $15,000,000 lower operational costs, increase transparency the sender, their clients, or the regulator and trig- of insurance compared to traditional opera- VALUATION VALUATION gers various actions. The first product of modum.io Token Ticker: tions, and democratize access to reinsurance Token Ticker: offers an efficient system to comply with recently investments. DIP N/A tightened regulatory requirements for the trans- CC CC 2 port of medicinal products for human use in the 25 Sub-Category: Sub-Category: Transport & Supply Chain European Union. Insurtech EMPLOYEES CH EMPLOYEES CH

Technology Partner In collaboration with . 40 Taking DeFi Mainstream

Chances are you know DeFi is growing quickly. To- But we still need a critical mass of users – and that currencies. The value in their digital wallets is secured tal Value Locked has gone from under $1 billion to means usability. A DeFi platform is only going to be in a Swiss-regulated trustee holding AAA-rated assets. about $35 billion in under six months. Let’s have used by hundreds of millions of people if it has an irre- Users maintain full control of the asset and still can ac- some perspective, though. Total assets of global fi- sistible value proposition and a user experience that is cess it from anywhere in the world with low fees and nancial institutions is around $155 trillion. Right now, as intuitive as the apps they use every day. This pro- no hidden costs. And they can earn a HIGH yield (up only 1.1 million people use DeFi. It’s very exciting, bably means not having to deal directly with private to 8% pa) by lending out balances in a DeFi way, co- but it’s still niche. keys, seed phrases, etc. llateralised by highly liquid assets.

DeFi is an on-chain, user-driven financial system that “Build it and they will come” is a grand maxim, but it Intermediaries in centralized finance impose higher uses smart contracts to allow people and institutions can take a long time to build a user base for some- costs on end-customers and restrict access to certain to pay, lend, trade and invest directly with each other. thing this unfamiliar. User bases can grow quickly once products. By using DeFi, anyone can experience finan- There are no middlemen to approve or not approve they reach a tipping point but reaching that point can ce without Wall Street and that will be a compelling transactions nor to trust your assets to. be slow and uncertain. To accelerate the process, we value proposition. In the early stages, Maps.me can I believe strongly that DeFi has the to deliver huge be- simply started with an app that millions of people al- bring users borderless payments, meaningful passive nefits to financial services users, including lower costs, ready use: Maps.me. income, and a host of cashback and loyalty rewards greater choice and a fairer system. These benefits will earned by participating in the platform. remain theoretical – and DeFi will remain an enthu- Maps.me is the world’s leading offline mapping ser- siasts’ corner – unless it can reach the mainstream. vice. In nine years, it has grown to 140 million users, Adoption will accelerate. A survey of Maps.me users with 60 million people using it to navigate 195 coun- found 47% have an interest in accessing financial ser- Mainstream adoption has been blocked by three obs- tries in 2020. Pilots, magazine photographers, profes- vices via the app, and more than 100,000 have joined tacles: the speed and cost of the underlying bloc- sional cyclists, aid workers and everyday travellers love the waiting list for the wallet. kchain infrastructure, the market infrastructure or using its turn-by-turn routing, travel guides, and detai- “money lego” protocols, and DeFi’s inaccessibility to led mapping – all available without using often-cost- Maps.me will not bring DeFi to the mainstream alone. most people. Ethereum is too slow and expensive to ly mobile data. But it addresses the infrastructure and usability cha- enable mass adoption. Would-be DeFi users have to llenges that have held that back. DeFi can be a game educate themselves a lot before they can benefit. Bit- This is a community in which DeFi should really flou- changer, creating greater wealth distribution oppor- coin is considered mainstream these days, but there rish. The app is open source and based on open tunities while lowering costs. By bringing these be- are only about 68 million wallets. data. Maps.me users are the biggest contributors to nefits to such a large user base, it is the kind of spark the OpenStreetMapping Project. You could say that that DeFi needs. For DeFi to be embraced by a mass audience, it must composability and community – key features of DeFi run on faster, cheaper infrastructure and deliver a ecosystems – are in their DNA. compelling user experience. That is the mission for Viktor Maps.me. The infrastructure for DeFi is improving fast. With Maps.me 2.0, we are starting to embed DeFi Mangazeev Look at the Serum decentralized exchange with full services into an app that already has a special rela- on-chain orderbook, which runs on Solana’s scalable tionship with millions of users. The wallet will be an Co-Founder of and low-cost blockchain. Solana currently processes intuitive part of an already familiar platform, meaning maps.me up to 50,000 transactions per second, each costing there is no learning curve. Through this wallet, users $0.00001. It may reach 700,000 per second in two earn passive income on stored value as well as trans- or three years. fer money globally and instantaneously in 35 different

Powered by Maps.meTechnology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 41

Crypto Valley Top 50 Challenger Companies

The following startups have a good chance of being Axedras EMR included in one of the next Top 50 Reports due to employee growth, increase in valuation, and contri- Finance Finance bution to the ecosystem.

Alephium Brickmark FICAS

Protocol Finance Finance

Hopr Crowdlitoken Machinaware

Protocol Finance Finance

Ariadne Daura Relai

Finance Finance Finance

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 42

SCX WeCan Group MedCo

Finance Finance Other

SDX atpar FYOOZ

Finance DeFi Other

SIBEX Dia ODEM

Finance DeFi Other

Snappy Hermez Ormera

Finance DeFi Other

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Crypto Valley Top 50 Companies Listed by Sector . 43

Qiibee

Other

Streamr

Other

Vetri

Other

Technology Partner In collaboration with . 44 Finance Without Wall Street

What’s wrong with finance? Ask ten people, and anyone with a mobile phone and Internet access—at and more transparent. Oxygen is governed by holders you’ll get ten different answers. There is a common fair prices—to the types of products normally only of its native OXY token. They can propose and vote on theme, though. Few believe that finance and inves- available to an investment bank’s institutional clients. binding amendments to the protocol. All transactions ting is a level playing field. Many believe that finan- are on the blockchain, and as a result, are recorded, are cial services are profitable for financial institutions Not surprisingly, it’s the opposite of centralized finan- immutable and verifiable. The functionality can be built because costs for individual users are high. Others ce: decentralized finance. DeFi is a user-driven finan- and used by anyone, which means that investment in think investing is unfair because big institutions have cial system that uses smart contracts to allow people infrastructure benefits all users – not just one bank’s access to products that they don’t – or because their and institutions to pay, trade, lend, and invest directly clients. And it’s inherently fair: anyone can participa- bank/broker can suddenly change the rules of the with each other. Unnecessary middlemen are elimina- te on either side of a transaction and the same rules game. ted altogether. Users can select the transactions they apply to retail and institutional players. Trading could want to make and get the same treatment whether not be arbitrarily stopped for select users. These are valid perspectives. And there is a com- they are a retail or an institutional customer. mon factor: friction. The existing financial system, in DeFi is still a small – although fast-growing – part of which capital flows are centralized through a relati- What investment banks do is complicated, but it is the financial world. Oxygen has major institutions on vely small number of players, is beset by friction that possible to reduce key parts of the capital markets side the platform and access to 100+ million users of the slows, restricts or adds cost to the movement of that of the business to the logic of programmable units. Maps.me app. It will still build liquidity by gaining more capital. And it skews risk-reward to benefit certain This “money lego” concept is at the heart of DeFi, users. DeFi is so compelling that it must become an participants. allowing platforms like Oxygen to offer anyone capa- important part of our financial future. Central banks bilities that Goldman Sachs provides to its clients in a around the world are exploring the potential of digital It all starts with financial regulation, which creates fast, low cost, transparent, safe, equitable, distributed currencies which use the same underlying technolo- costs and processes, but is necessary because risk ecosystem that is available 24/7. gy. And private sector stablecoins like USDC and Fa- is concentrated in those big institutions. Then the- cebook’s Diem are emerging. re are the big financial institutions themselves, which The Oxygen Ecosystem is building this offering piece invest billions of dollars in IT infrastructure that only by piece. We’ve started with prime brokerage, which With DeFi, you have control of your assets. By not ha- they use, creating more costs that have to be funded enables users to borrow against their private assets, ving to rely on a bank or trading app, you get better by end users. earn yield and trade with leverage. That may be fo- pricing, greater liquidity, transparency and certainty As a result, financial institutions are only offer some llowed by portfolios that are open to all investors and of execution. For a truly level playing field, DeFi is the of their most value-added services – such as prime act like a fund, bond-like total return indexes or inves- best answer to fix finance. brokerage – to large institutional clients with portfolios ting in a basket of hot DeFi tokens with leverage. The large enough to justify the costs. Also, retail investors next unit could be private portfolio investment stra- are saddled with the most risk, which is only margina- tegies. Others could include over-the-counter volati- Alex lly supported by the higher cost to serve them. lity trading and structured products. This ecosystem Grebnev, CFA is highly scalable and easy to compose with (use in So, friction lies behind many of the complaints about your own applications), or use “money lego” to add Co-Founder of finance, but it’s an inevitable consequence of cen- new functionalities. Welcome to finance without Wall oxygen.org tralized financial systems and the cost structures Street. they create. I should know; I spent decades working in them. But there is another way, which can allow As well as being open to all, DeFi makes finance fairer

Powered by Oxygen.orgTechnology Partner In collaboration with CV VC Top 50 Report H2/2020 Players by Key Areas

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Players by Key Areas . 46

Banks Active in Crypto

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Players by Key Areas . 47

Blockchain Focused Venture Capital Firms

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Players by Key Areas . 48

Blockchain Technology Solution Providers

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Players by Key Areas . 49

Blockchain and Crypto Savvy Law Firms

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 CV VC Portfolio

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 51

INVESTMENT THESIS

In 1989, the World Wide Web was invented in Geneva. potential for VC investments, whereas the infrastruc- Our strategy is to find the best startups that build And yet, there is currently no Swiss-based Internet ture layer (“the rails”) may become commoditized (decentralized) applications at the intersection of company of global scale. 30 years later, Switzerland overtime in order to achieve mass adoption of block- the six T4T verticals and blockchain technology and once again finds itself at the core of a technology with chain technology. invest in the most attractive use cases across differ- the potential to boost growth over decades: block- ent industries, on a global basis. The ultimate goal chain technology. Further, the current social and economic environ- is to achieve a diversified portfolio with regards ment has led to a digitization push that will cause to industries / geographies and weighting of the CV VC believes that the next wave of big tech compa- certain industries to grow disproportionately in the underlying portfolio companies, thereby minimiz- nies will be driven by catalyst technologies like future. We call this Technology for Tomorrow, in short ing any cluster risks and maximizing returns for blockchain. These companies will be led by a new “T4T”. We have identified the following six verticals investors. generation of founders from around the world that where we believe digitalization will grow exponential- are attracted to technologies like blockchain, driven ly and hence create the biggest opportunities from by the need for decentralization, transparency and an investment perspective: accountability.

CV VC is an early-stage venture capital investor with a focus on startups that build on blockchain tech- nology. Blockchain technology has the potential to significantly impact many industries and we at CV VC believe that blockchain technology will become a catalyst for the next technological revolution, along- side AI, machine learning and automation, as well as FUTURE LIEFSTYLE & EDUCATION & IoT. OF WORK HEALTH SCIENCE

Despite its $3T market potential, blockchain tech- nology is still young. CV VC considers the current dynamics in the industry as an attractive opportunity to create long-term value for investors by executing a diversified and systematic strategy of early-stage investing in startups that use blockchain in their tech- nology stack. Our investment focus is on (decentral- SECURITY & E-COMMERCE & FINANCE & ized) applications built with/on top of blockchain IDENTITY LOGISTICS INVESTING technology. We believe the application layer will provide the most attractive long-term growth

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 52

CV VC PORTFOLIO

FUTURE OF WORK LIFESTYLE & HEALTH

AdHash² (BUL/SUI) - Advertising Sprinter² (USA) - Platform Blocksport³ (SUI) - Sportstech Geon³ (POL) - Adtech Privacy-focused ad ecosystem Decentralized platform for tech Connecting (e-)sport clubs with Location-based marketing projects fanbase

ditCraft³ (GER) - Software dev. Utopia Music¹ (SUI/SWE) - Big data Improve and secure software Big data for music industry develpment EDUCATION & SCIENCE SECURITY & IDENTITY

MathForMoney² (ZAR) - Education Orvium² (EST) - Scientific Publishing Asvin³ (GER) - IoT Vereign¹ (SUI) - IT Security Solve math problems to earn pocket Connecting publishers with Platform to securely update Digital identity verifiable with money reviewers IoT-devices blockchain

Ptolemy² (USA) - Patform Contributor-rewarding encyclopedia

FINANCE & INVESTING E-COMMERCE & LOGISTICS

BitFreezer² (USA/UKR) - Fintech Agryo³ (USA/BRA) - Agritech Xion³ (USA/ZAR) - e-Commerce VaultWines³ (GEO) - Supply Chain Ultra-secure mobile digital wallet Credit profiles of farmers through AI e-Commerce subscription platform D2C wine e-commerce & tracking

GatePay³ (USA) - Fintech BHander² (EST/UKR) - Fintech Enabling crypto & fiat on POS Stand-alone multicurrency wallet & devices payment CV VC Strategic Investment

Proof of impact¹ (USA) - Fintech Flovtech¹ (SUI) - Fintech GenTwo Digital (SUI) - Fintech Data Intelligence Platform for Liquidity provider for digital assets Making digital assets bankable Impact Investments

Tezsure² (USA) - Insurance WildCards³ (SUI/ZAR) - Impact Investing Insurance protocols with smart Digital endangered animal contracts & ML collectables

Note: (1) = CV VC Select VC Investments; (2) = CV VC / CV Labs Incubation Batch_01; (3) = CV VC / CV Labs Incubation Batch_02 Technology Partner In collaboration with CV VC Top 50 Report H2/2020 About

Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Blockchain Industry in Crypto Valley Visualized . 54

ABOUT

CV VC is an early-stage venture capi- inacta AG, founded in 2009 and based PwC is the leading blockchain trust Strategy& is a global strategy consult- tal investor with a focus on startups in Zug, is an independent Swiss IT provider and provides smart contract ing business uniquely positioned to which build on blockchain technol- company - partner for innovation assurance services to underpin the help deliver your best future: one ogy. Based in the heart of Switzer- and digital transformation. More than commitment to blockchain technol- that is built on differentiation from land’s Crypto Valley, the company 70 experienced digitization experts ogy. At PwC, our purpose is to build the inside out and tailored exactly to invests in all stages of crypto and support organizations from the insu- trust in society and solve important you. As part of PwC, every day we’re blockchain development, from incu- rance, banking, real estate and heal- problems. We’re a network of firms building the winning systems that are bation to growth capital. In addition to thcare sectors. in 157 countries with over 284,000 at the heart of growth. We combine venture capital investments, it oper- people who are committed to deliv- our powerful foresight with this tangi- ates its own incubator and ecosystem inacta supports established compa- ering quality in assurance, advisory ble know-how, technology, and scale business under the CV Labs brand, nies and startups with consulting, and tax services. PwC Switzerland has to help you create a better, more consisting of co-working spaces, advi- project management and software over 3,250 employees and partners in transformative strategy from day one. sory and events. Blockchain technol- development services. As an early 14 locations in Switzerland and one in ogy has the potential to significantly adopter, inacta not only understands the Principality of Liechtenstein. Find impact many industries, and CV VC technologies such as blockchain or AI out more and tell us what matters believes that the next, third wave of - but above all - how and where these to you by visiting us at www.pwc.ch. large tech companies will be driven by are used sensibly. PwC refers to the PwC network and/ catalyst technologies like blockchain, or one or more of its member firms, alongside AI, machine learning, auto- each of which is a separate legal enti- mation and IOT. ty. Please see www.pwc.com/structure for further details.

Authored jointly by CV VC, inacta & PwC

Ralf Kubli Nicolai Reinbold [email protected] [email protected]

Konradin Krieger [email protected] Technology Partner In collaboration with The content and the information provided herein to readers has been issued by CV VC AG (”CV VC“). It has been prepared solely for informational purposes and should not be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any token, security or financial instrument or to participate in any transaction or trading activity in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The contents are not a representation by the covered companies and are based upon or derived from information generally belie- ved to be reliable although no representation is made that it is accurate or complete and CV VC accepts no liability with regard to the reader’s reliance on it.

©2021 CV VC AG. Unless otherwise stated, all content and figures have been issued by CV VC. The company logos have been obtained by the respective official company websites. You are not permitted to publish, transmit, or otherwise reproduce this presentation or information from this presentation, in whole or in part, in any format without the written consent of CV VC. In addition, you are not permitted to alter, obscure, or remove any copyright, trademark or any other notices that are provided to you in connection with the information.

INSIGHTS