The combined valuation of the 50 largest Blockchain-related firms in the Swiss city of Zug, known in the industry as “Crypto Valley,” has fallen by almost half in 2019, according to recent reports.
Swiss investment firm CV VC released a new report on January 22 at the World Economic Forum in Davos, Switzerland, last year assessing the Blockchain and cryptocurrency industries in the Crypto Valley. The valuation in the Ethereum network's local cryptocurrency, ETH, and the ensuing price drop led to a 40% drop in the valuation of the top 50 companies, according to the report.
CV VC director Ralf Kubli told The Cointelegraph at the World Economic Forum that all crypto-related firms were ultimately affected by token prices, but added that scrutiny of fund inflows and employment was important, adding::
Overall funding has increased, so the real money flowing into the projects we count in the top 50 has also increased, which is basically a really important indicator for our growth.
Meanwhile, the report found that funding for the top 50 projects increased from $ 3.8 billion in the first half of 2019 to $ 4 billion in the second half of 2019. In addition, 733 of the more than 4,400 crypto and Blockchain experts currently working in Switzerland and Liechtenstein are working on the best selected projects.
Changes in the top 50
As Kubli points out, the top 50 companies change each year depending on their annual performance. Several major projects have been added to the list, including Libra, cryptocurrency exchange Bittrex Global and Ethereum development company CasperLabs, which will be released by Facebook in 2019.