{"id":48853,"date":"2018-04-30T14:26:23","date_gmt":"2018-04-30T21:26:23","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=48853"},"modified":"2018-09-09T19:14:05","modified_gmt":"2018-09-10T02:14:05","slug":"switzerland-continues-to-develop-as-blockchain-hub","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/switzerland-continues-to-develop-as-blockchain-hub\/","title":{"rendered":"Switzerland Continues to Develop as Blockchain Hub"},"content":{"rendered":"

For decades, Switzerland was synonymous with secretive banking practices and personalized accounting strategies. However, laws and cultural norms have brought Swiss banks back in line with traditional disclosure sentiments espoused by other banks. As a result, the Swiss banking system is in decline.<\/p>\n

The number of banks in Switzerland dwindled from well over 300 to nearly 250 by 2016. After all, most people don\u2019t bank in Switzerland just to get the same service that they receive stateside.<\/p>\n

Now, the crypto economy is filling the void.<\/p>\n

Crypto Steps In<\/h2>\n

According to a report in The Wall Street Journal<\/a>, Switzerland is becoming a burgeoning hub for new crypto startups.<\/p>\n

Data compiled by Business Insider<\/a>\u00a0reveals that three of the most lucrative ICOs of 2017 were located in Switzerland, and the number of ICOs originating from the small country are some of the highest in the world. Collectively, these projects netted more than $400 million from early investors.<\/p>\n

\"Crypto
Zug, Switzerland, a.k.a. “Crypto Valley” is home to the Ethereum Foundation and many other blockchain companies thanks to progressive FinTech and company registration laws.<\/figcaption><\/figure>\n

Zug, a wealthy municipality in Switzerland, is serving as the hub for crypto development in the country. Some are dubbing this locale The Crypto Valley, in a nod to the enthusiasm and entrepreneurial zeal that distinguished Silicon Valley in California as the technology hub of the world.<\/p>\n

The companies flooding to this area cover the gauntlet of crypto projects, and they include Sirin Labs<\/a>, which is developing the first blockchain smartphone<\/a> and desktop computer.<\/p>\n

A Hub for Development<\/h2>\n

Zug is home to Crypto Valley Labs<\/a>, a co-working space that houses some of the blockchain\u2019s most ambitious startups. Mathias Ruch of Lakeside Partners which developed the working space indicated to the journal that they have more than 100 crypto startups under their roof. In comments to the Journal, Ruch said<\/a>,<\/p>\n

\u201cI\u2019m signing contracts on a daily basis.\u201d<\/p><\/blockquote>\n

Another blockchain development collective, Trust Square<\/a>, is similarly seeing a surge in popularity blockchain startups grow in number. Although they just opened their facility<\/a> this week, the Journal notes that all 200 of their workspaces were already rented.<\/p>\n

In comments to CryptoSlate, Daniel Gasteiger said:<\/p>\n

“Our official opening ceremony and party was truly a celebration of the diversity and breadth of blockchain technology. For Trust Square, it\u2019s been an incredible start. We began the day of our official launch with only a dozen of seats still free and ended the night with our blockchain hub being fully occupied, hosting some 30 up-and-coming blockchain ventures.\u201d<\/p>\n

 <\/p><\/blockquote>\n

The company\u2019s leader, Daniel Gasteiger, sees their location<\/a> as the hub or the next generation of blockchain innovation.<\/p>\n

\n

Great Atmosphere here at the opening of @Trust_Square<\/a> ! ??? pic.twitter.com\/4ZAH3zg5oi<\/a><\/p>\n

— Dezentrum (@DezentrumCH) April 27, 2018<\/a><\/p><\/blockquote>\n