The Silicon Valley is not the only ‘valley’ of new inventions. Well, at least not in 2018, after a tiny province in Switzerland is proving to be a magnet for blockchain startups to the level of being compared to the famed Silicon Valley.
Basically, the ‘Crypto Valley’ is a region stretched across 30 kilometers from Zurich to Zug. It boasts progressive laws, a competitive hiring environment and substantially low taxes. From all this, it is clear why it attracted so many startups in the blockchain world and how investors and entrepreneurs heard about it amid an uncertain international legal climate.
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While China, Russia and US are still uncertain about potential regulatory positions towards digital currencies, it seems that Switzerland continues the laissez-faire philosophy which has made the banks there valuable for a long time.
The density of blockchain projects is still far from being compared to the Silicon Valley. However, some of the most prominent names include the Ethereum Foundation, Shapeshift and Xapo. There are more names popping in Zug, Switzerland as we speak – and building the utopia for blockchain businesses.
The director of investment in the Greater Zurich Area (economic region) in Switzerland also expressed his positive thoughts about this ‘valley’. He told CoinDesk:
“Switzerland is the most decentralized government in the world and this is attractive to people who work with the most decentralized technology. The decentralized aspect of Zug and Zurich guarantees stability for them.”
Even though the first startup that laid ground in this valley was Monetas in 2014, it seems like 2018 will be the most successful year for this crypto business adoption in Switzerland.
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