If Brazil is the “soccer country” and Silicon Valley is cradle of technology, Switzerland might be World Capital of Cryptocurrency, right? They
wanna be have a “Crypto Valley” and it’ll impulse fintech companies rising there – I imagine. Read it now:
When 24-year-old Ian Worrall launched his crypto-investment startup MyBit final year, he chose this Swiss lakeside city.
It was an odd fit: the no-holds-barred corner in the financial markets meeting button-down Switzerland.
Yet this nation, as closely tied to its ultrasafe Swiss franc since it would be to the Alps, is entranced by volatile digital currencies. Buildings in Zug and in Zurich, Switzerland’s financial center, are blossoming into crypto-finance hubs.
Four on the ten greatest initial coin offerings last year have been in Switzerland, in line with PwC, greater than any other country.
The hope would be the country’s banking prowess, low taxes, elite universities and the Swiss brand itself will do for Switzerland what Silicon Valley did for the U.S.
Efforts to expand the so-called Crypto Valley into what Switzerland’s economics minister has referred to as Crypto Nation have noticed some achievement and could offset the country’s shrinking banking sector. The number of banks right here has fallen 20% inside the past decade, in line with the Swiss Bankers Association.