Zug & Davos, Switzerland. January 21, 2025 – The tenth edition of the CV VC Top 50 Report, the authoritative analysis of the world’s leading Web3 hub, was unveiled at the Web3 Hub Davos during the World Economic Forum. Showcasing Crypto Valley’s unmatched maturity and global blockchain influence, the report lists the top 50 blockchain entities by token market capitalization and private company valuations. It details their areas of expert activity and through the lens of Crypto Valley’s 2024 venture funding landscape, it highlights the depth of innovation.

Top 50 Valuation Milestones in 2024

55% increase in total valuation: The Top 50 now stands at $593 billion.

• 25 Blockchain Platforms Valuations: $584.33 billion. 16 headquartered in Zug, contributing 97% of the total platform valuation.
• Blockchain Companies Private Valuations: $9.11 billion. 14 based in Zug, accounting for 56% of the total company's valuation.

New entrants: LCX, Liquity, and Safe joined the Top 50 based on their coin market cap, while eleven new companies joined based on private valuations: Glue Blockchain, Portofino Technologies, M^0 Labs, Nillion, Rulematch, Wyden, Tea, RedStone, Arf, Molecule, and Relai.

Unicorns: Crypto Valley now hosts 17 unicorns, 14 by token market cap and 3 by private valuation. The most recent to join the ranks is Sygnum, the world's first digital asset bank.

The company number metric is not included in the report because a new validation framework is being established to reflect the industry's continued development which will incorporate existing, new, and evolving data sources for future benchmarking. This framework includes consultation with cantonal administrators and ecosystem associations. Results of this framework will be made available at the end of Q1 2025. 

Key Funding Insights: Crypto Valley is a Global and European Leader

• Total Funding: Crypto Valley secured $586 million across 56 deals in 2024, an 8% increase that outpaced the global blockchain funding growth rate of 3%.
  Funding included Celestia ($100 million), Sygnum ($98 million), TON ($48 million), M^0 Labs ($35 million), and Nillion ($25 million).
• Global Share: The region captured an increased 5.2% share of global blockchain funding, affirming its significance as a global hub.
• Deal Size Growth: The median blockchain deal size in Crypto Valley surged by 70% year-on-year, reaching $5.6 million. This exceeds the $4 million global blockchain million median.
• European Share: In 2024, Crypto Valley accounted for a record 29.1% of European blockchain funding, a significant increase from 18.7% in 2023.

Geographic Distribution of Funding Activity

Zug maintained its dominance with 42% of total funding, amounting to $245.89 million across 28 deals. Zürich followed with 34.7% of funding, totaling $203.22 million across 15 deals. Liechtenstein contributed 17.1% through Celestia’s significant deal. Emerging hubs such as Geneva and Vaud are also playing a growing role, closing four deals each, while Ticino secured three deals.

Funding by Industry Segment

Centralized Financial Services dominated with 34% of total funding, followed by Blockchain Networks at 29%. Decentralized Finance (DeFi) saw significant growth, rising from 7% to 15%. The fastest-growing segment, Data Management, Verification, & Analytics, surged from 3.5% to 11%. Infrastructure & Developer Tools secured 10% of funding, while Gaming and NFTs experienced a sharp decline, dropping to just 1%.

Unlocking Crypto Valley: Leadership Insights

Mathias Ruch, CEO and Founder of CV VC, emphasized Crypto Valley's strength, stating that “A Swiss industry where the Top 50 entities share a valuation of $593 billion and whose funding medians exceed global medians reflects vision and resilience. Switzerland must maintain its edge by fostering a collaborative environment that attracts talent, capital, and transformative projects. This focus is even more critical as blockchain converges with other catalytic technologies such as AI and IoT, and whilst regulatory strides in other regions and impending America-first policies in the U.S. could drive innovation and attract companies to align elsewhere. CV VC remains steadfast in supporting founders pioneering trustworthy systems built on blockchain tech rails that aim for a better operating world.”

During the presentation of the Top 50 Report at Davos, Heinz Tännler, President of the Swiss Blockchain Federation, emphasized the transformative role of the blockchain industry, stating, “The blockchain sector is undeniably one of the fastest-growing industries globally. The CV VC Top 50 Report 2024 underscores Crypto Valley’s pivotal role. With a robust foundation and demonstrated growth, Crypto Valley highlights Switzerland’s capacity to usher in its next historic phase of innovation. However, realizing this ambitious vision requires concerted efforts from both regulators and investors.”

Tännler further noted that the Swiss Blockchain Federation continues its constructive dialogue with the State Secretariat for International Finance (SIF) and Switzerland’s independent financial-markets regulator (FINMA) to address critical areas for progress. He identified three key priorities requiring deeper discussion: regulatory advancements in cross-border custody, activities on public blockchains, and stablecoin supervision. He concluded by stating, “Achieving the next phase of growth necessitates a supportive regulatory framework and a stronger investment culture. These elements are essential to unlocking the full potential of Switzerland’s innovation drivers.”