We have all heard of Silicon Valley — the very symbol of American technological innovation, and home to some of the world’s largest tech companies such as Google and Facebook. One town in Switzerland is attempting to produce a similar ecosystem of technological innovation and enterprise culture, but for cryptocurrencies. In the Swiss town of Zug is a “Crypto Valley” that is aiming to become the technological hub and world leader in cryptocurrency and blockchain innovation.
The nascent industry of cryptocurrency and blockchain has spawned a myriad of start-ups and projects attempting to capitalize on the industry’s potential. This has also resulted in countries aggressively positioning themselves to become the “leader” in cryptocurrency and blockchain innovation, seemingly because of the economic benefits that can stem from it.
The Hdac team, through Hdac Technology AG based in Zug, Switzerland, sponsored Blockchain Summit hosted by Crypto Valley Association on November 22.
We promoted Hdac to more than 300 participants.https://t.co/d2DkUwB3BR pic.twitter.com/D1idZJ8JFC
— Hdac (@hdactech) November 23, 2017
As a result, countries such as Israel, Singapore, and Switzerland are all vying to be the hub of cryptocurrency and blockchain innovation, and Switzerland’s Crypto Valley is the nation’s best shot at taking the crown.
The term Crypto Valley was coined in 2017 with the establishment of the Crypto Valley Association, a government-supported institution that is aimed at building a blockchain and cryptocurrency ecosystem in the heart of Switzerland.
And it’s apparently working! Switzerland’s Crypto Valley is already home to crypto-powerhouses such as Ethereum, Shapeshift, Xapo, ConsenSys, Tezos, and many more. This provides an incentive for other start-ups to set up shop in the Crypto Valley because of the extensive networks that can be built from being in close proximity with these powerhouses.
Zug also offers a very business friendly, and low-tax environment, making the Crypto Valley a very attractive destination for start-ups that are looking for a favorable location to establish a base of operations.
Zug has also positioned itself to be the hotbed of ICO activity (a thorough explanation of ICOs can be found here), with a regulatory environment that allows for the establishment of foundations that can be the recipient of ICO contributions.
This relaxed regulatory environment has spawned supporting organisations dedicated to aiding start-ups in the ICO process. For example, Bitcoin Suisse is a well-known Zug-based institution that provides extensive services relating to ICOs, having facilitated over $600 million USD in ICOs to date.
Per Oliver Busman, President of Crypto Valley Association:
“We are promoting more than a region: we have founded a global association as a base for the sector’s most innovative and forward-thinking companies, further strengthening Switzerland’s position as a leading centre of innovation in this sector.”
Accordingly, so far Switzerland’s Crypto Valley has made significant strides at cementing itself as the hub for cryptocurrency and blockchain innovation. However, it is only with the passage of time that we will see if Crypto Valley can produce the same technological titans that we see today in Silicon Valley.
TLDR: Switzerland’s Crypto Valley is aiming to be the world’s next Silicon Valley for the cryptocurrency space. Its trailblazing path is catching all the right attention.
Guest article courtesy of Bisade Asolo @ Mycryptopedia