CV VC Top 50 Report H2/2019

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CV VC Top 50 Report H2/2019 INSIGHTS CV VC Top 50 Report H2/2019 Zug, 23rd of January 2020 The blockchain industry in Crypto Valley, Switzerland and Lichtenstein, analyzed and visualized. Technology Partner In collaboration with CV VC Top 50 Report H2/2019 TABLE OF CONTENTS Crypto Valley Financial Blockchain industry in Industry Cluster drives Crypto Valley visualized 01innovation and growth 02 Summary .5 Crypto Valley Top 50 Companies per sector .11 Introduction .5 Crypto Valley Companies per canton .12 Crypto Valley Top 50 Companies Sector Review .6 Crypto Valley Top 50 Companies Employment Levels .13 • 01 Blockchain Technology .6 Crypto Valley Companies valuation and funding .14 • 02 Blockchain Financial Industry .6 Blockchain Technology Companies Valuation .15 • 03 Blockchain Other Industries .6 Financial Industry Companies Valuation .16 Crypto Valley Top 50 Challenger Companies .7 Other Industries Companies Valuation .17 Companies and employees in Crypto Valley .7 Valuation and funding of companies in Crypto Valley .8 A brief history of Crypto Valley .8 Regulatory environment in Crypto Valley .9 Crypto Valley Top 50 Players by key areas Companies listed by 03sector 04 Methodology and Selection Crypto Valley Top 50 .19 Banks active in Crypto .33 Blockchain Technology .20 Blockchain focused Venture Capital Firms .34 Blockchain Financial Industry .24 Blockchain Technology Solution Providers .35 Blockchain Other Industry .28 Blockchain and Crypto Savvy Law Firms .36 Crypto Valleys Top 50 Challenger Companies .29 CV VC Top 50 Report H2/2019 TABLE OF CONTENTS 05CV VC Portfolio 06About CV VC Portfolio Companies .38 About .41 CV VC Top 50 Report H2/2019 Crypto Valley Financial Industry Cluster drives innovation and growth Technology Partner In collaboration with CV VC Top 50 Report H2/2019 Crypto Valley Financial Industry Cluster drives Innovation and Growth . 5 Summary Introduction Key Data The CV VC Top 50 Report enters into its third year and • Crypto Valley Top 50 companies are valued at Strong development of the finance cluster is underli- the latest edition introduces a new category: crypto $25.3B in total. ned by the active involvement of agile Swiss private banks. The inclusion of crypto banks, as well as the • Total Funding of Top 50 companies reached $4B. banks, as well as specialized firms for digital assets category custody introduced in the last report, illus- such as brokers, custodians, and transaction-related trates the maturing of the industry and further profes- • Total number of firms in Crypto Valley is 842. services. sional development of companies based in Crypto • Total employment of blockchain companies in Valley. As new tools, services, and security arrives, it Crypto Valley, which includes Switzerland and Liech- Infrastructure, settlement, and securities operations can be expected that more corporations will begin tenstein, increased to 4,400. The Top 50 companies using crypto technologies are tested by SDX, the digi- entering cryptocurrencies and blockchain technolo- employ 733 employees in Crypto Valley. tal exchange initiative of SIX Group (which is owned gy industries. • Libra, Bittrex Global, and CasperLabs have by large Swiss banks), the Swiss National Bank (SNB), This edition of the CV VC Top 50 Report also includes been added to the list of the Crypto Valley Top 50 and the Bank of International Settlement (BIS). new visual analysis and an outline of blockchain and companies. crypto-related service providers in Crypto Valley. The • Crypto Valley counts five Unicorns (i.e. projects Real Estate security tokens launched by Crowdlitoken synapsis includes banks active in crypto, blockchain valued at more than $1B): Ethereum ($14.4B), Dfini- and Brickmark, and securitization led by Investment venture capital firms, technology service providers and ty ($2B), Polkadot ($1.2B), Bitmain ($1B), Libra ($1B). banks using Tezos infrastructure, indicates significant law firms. Unicorn contenders include Tezos ($924M), Cardano activity for 2020 in this area. The CV VC Top 50 Report, created by CV VC AG, with ($869M), and Cosmos ($818M). One of the world’s largest property developers, Emaar technology partner inacta and strategy&, PwC, and • Valuation of CV VC Top 50 companies excluding Properties, has launched a reward token for its ecosys- Cointelegraph Consulting, is a periodical report on Ethereum amounts to $10.8B. This metric is roughly tem through Emaar Suisse. market valuation developments from Crypto Valley, the same as the last report in June 2019. which includes Switzerland and Liechtenstein. The CV VC’s research reveals eight crypto hotspots in report highlights the diverse ecosystem in blockchain Crypto Valley: Zug, Zurich, Geneva, Ticino, Liechtens- and cryptocurrency consisting of startups, corpora- Key Takeaways tein, Vaud, Lucerne, and Bern. Zug remains the heart tes, and government. The CV VC Top 50 Report and of the Crypto Valley, however, as it hosts more than CVMaps.ch are the authoritative curators of blockchain The current CV VC Top 50 Report highlights maturity half (425) of all the companies registered. companies active in Crypto Valley. and substance of the blockchain ecosystem in Cryp- to Valley. The number of firms has risen to 842 and Regulatory frameworks in Switzerland and Liechtens- employment has reached 4,400 in Switzerland and tein continue to lead globally. Switzerland introduced Liechtenstein. changes to existing legislation thus strengthening its principles-based approach. Liechtenstein adopted the The financial services cluster is driving innovation and Blockchain Act, enabling digitization and integration growth, reflected by the newly introduced category into the existing legal framework. crypto banks, which currently includes Seba Bank and Sygnum Bank. Technology Partner In collaboration with CV VC Top 50 Report H2/2019 Crypto Valley Financial Industry Cluster drives innovation and growth . 6 Crypto Valley Top 50 Switzerland and continued its quest to be fully-com- challenger crypto banks. pliant. Bittrex Global set up an o©ce in Liechtenstein Discussions around settlement coins, including a Companies and will o¦er new products under EU law. central bank-issued digital currency have not gone unnoticed by the big players in Crypto Valley. Several challengers which may also join the Top Sector Review 50 companies ranks in the course of this year, SDX, the digital Exchange initiative of SIX Group include a dedicated competitor to Libra, cryp - (which is owned by large Swiss Banks), the Swiss 01 Blockchain Technology to banks in formation, real estate projects, and National Bank (SNB), and the Bank of International exchange-related startups. Crypto.com was Settlement (BIS), are testing digital infrastructure, In blockchain technology category, one company was removed from the Top 50 companies list, as its settlement, and securities transactions using crypto added to the list of the Top 50 companies: CasperLabs. market valuation was overtaken by newcomers. technologies. Recently, UBS publicly announced that This project aims to implement a new Proof of Stake it would also explore tokenization projects. (PoS) blockchain. The move of the project to Swit- New Category in Town: Crypto Banks zerland further points to the attractiveness of Crypto 03 Blockchain Other Industries Valley for key players developing cutting edge softwa- This report introduces a new category: crypto banks. re and crypto networks. This category includes firms active in the crypto space The blockchain other industries category includes a that have been licensed by the Swiss Financial Market wide range of industry applications. Because two large In the past six months, well-capitalized projects have Supervisory Authority FINMA (or its Liechtenstein firms which were added to the financial services top pushed the development of their ecosystem and equivalent, FMA) to operate as formal banking entities. 50 list, to smaller firms, Odem and WPP Energy were advancement of their application landscape with In the second half of 2019, two institutions met this removed from the list. WPP Energy continues to be grants and corporate partnerships. These activities criterion and became the first two crypto banks globa- on the challenger list for this category. result in entire teams being funded by protocols out of lly: SEBA Bank AG and Sygnum Bank AG. It is expec- the Crypto Valley. Dedicated project teams are sta¦ed ted that further market players, like Bitcoin Suisse, will Companies in various sectors of the economy are in Switzerland or teams often move for a period of receive regulatory approval to become a bank soon. building entirely new business models and increasing time to Crypto Valley to develop software solutions. revenue streams by deploying blockchain technology. Examples of protocols, included in the Top 50 compa- 4Art, Utopia, and Modum are confirming the disrupti- Innovators among incumbent banks are catching up nies list, which provide grants include Tezos, Carda- ve potential of their applications in specific markets. no, Web3 Foundation (Polkadot), Status and Aragon The race to o¦er banking services for Crypto is still Investors took notice and are driving the valuations of among others. an open race, with several traditional banks already these companies to new levels. demonstrating their a©nity for crypto technologies. 02 Blockchain Financial Industry Early adopters like Bank Frick (Li) and Falcon Priva- A number of Swiss companies have joined the Top te Bank have been joined by Zarattini & Co., Maerki 50 Challenger companies list in the
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