Swiss Digital Asset Report
Swiss Digital Asset and Wealth Management Report 2021
Digital assets: a new and exciting investment universe
The report shows the diversity and depth of the Swiss digital asset industry that developed from the Crypto Valley. It is aimed at sophisticated investors who are pondering how to invest in cryptocurrencies and digital assets. It gives a conclusive overview of the Swiss digital asset ecosystem and its rapid institutionalization.
This first of its kind report is based on more than 80 interviews with senior executives from banks, wealth managers, and service providers as well as professional individual investors and family offices.
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KEY FINDINGS FROM THE REPORT
- With more than 14 private, retail and online banks currently active in the digital asset space, it can be expected that more banks will launch digital asset offerings in 2021. Investors are clearly expecting a digital asset offering from their preferred bank.
- In 2019 the first dedicated crypto banks with SEBA and Sygnum received a banking license by FINMA, blazing the path for other banks. This was a world-first and put the Crypto Nation Switzerland on the global map of the growing digital asset ecosystem.
- At the same time, Vontobel Bank started to offer crypto products and services to its clients, making this new asset class available to a wider audience. This triggered more private and online banks entering the digital asset space from 2020 onwards.
- Switzerland is the home to several digital asset funds and product managers that have track records going back several years. We have identified at least 10 fund and product managers with more than $1 billion in total assets.
- The largest Swiss-based fund manager has passed the crucial $100 million AuM milestone in 2021.
- 21 Shares with its exchange-traded products even got past the $1 billion AuM threshold in 2021.
- Since the emergence of the Crypto Valley in 2013, Switzerland has become a magnet for global digital asset firms. Bridge Tower Capital, a US-based private equity firm, recently opened an office in Zurich for its European operations, lauding Switzerland’s beneficial ecosystem. The proximity to private banks and large family offices is a strong selling point.
- The acquisition of the Crypto Finance Group by Deutsche Börse, valuing the firm at three-digit million, was a clear proof-point that the Swiss digital asset ecosystem is thriving and gaining international recognition.
- An important pillar of the Swiss digital asset ecosystem is a thriving venture capital industry. With CV VC’s USD $13 million financing round, the Swiss ecosystem is accelerating.
- In 2021 the digital asset service provider Metaco attracted $17 million in a Series A fundraise, backed also by Francisco Fernandez
- Family offices and high-net-worth individuals were the early adopters of the new digital asset as an asset class. Family offices nowadays have become a force to reckon with. They can deploy large pools of capital unencumbered by strict regulations faced by banks.
- Next to the banks, wealth managers and multi-family offices have started to offer digital asset services to their clients, among them Marcuard Family Office and Prevalor in Zurich.
- 2021 was also the year that the first Swiss pension fund made its careful entry into digital assets. This will be the next evolutionary step for the digital asset ecosystem.
- Switzerland has several key strengths as an ecosystem: a long history of successful companies, a DLT-law, a savvy regulator, and clarity about taxation. This puts Switzerland at the forefront of the professionalization of the digital asset space.
- At the same time, this professionalization highlights the “decentralization paradox”: What is the right amount of regulation and governance that allows innovation but prohibits abuse?
- The true winner of the rise of digital assets and decentralized finance is the investor, who nowadays has much more choices.
Narwal - Blockchain PR
+41 41 725 02 22
Ecosystem Manger - Growth at CV Labs