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 Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Record Growth in Crypto Valley . 5 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. Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Record Growth in Crypto Valley . 6 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 Technology Partner In collaboration with CV VC Top 50 Report H2/2020 Record Growth in Crypto Valley . 7 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.