Switzerland’s Crypto Valley captured 47% of European blockchain venture funding in 2025, raising $728 million across 31 deals, according to an annual report from venture firm CV VC. Globally, blockchain venture funding rose 30% to $15.5 billion across 986 deals, while Crypto Valley’s total climbed 37% from $531 million in 2024.
One deal dominated the region’s totals: The Open Network (TON) accounted for $400 million. Other notable rounds included Sygnum Bank at $58 million, stablecoin platform M0 at $40 million, Impossible Cloud Network at $34 million and CratD2C at $30 million. The figures indicate Switzerland remains Europe’s main blockchain funding hub, with capital concentrating into fewer, larger rounds.
By sector, blockchain networks attracted 62% of Crypto Valley’s funding, followed by infrastructure at 14%, centralized financial services at 10% and decentralized finance applications at 10%. Crypto Valley’s $728 million represented 47% of European VC blockchain funding and 5% of global blockchain funding in 2025, underscoring the Swiss ecosystem’s prominent role.
“Nearly half of all European blockchain investment is now flowing into Crypto Valley,” said Mathias Ruch, founder and CEO of CV VC, calling it a sign of a “maturing ecosystem” focused on infrastructure, finance and the convergence of frontier technologies.
The report also showed a more selective market: deal count fell even as capital deployed increased, a pattern seen globally where funding rose while deal volume fell 32%. In Crypto Valley this dynamic pushed annual funding higher even as the ecosystem’s headline valuation and unicorn count declined.
Crypto Valley now hosts 1,766 active blockchain companies, up 134% since 2020. Zug-based companies accounted for 20 of the 31 deals and 88% of disclosed capital, with Zurich-based firms making up five deals.
The number of unicorns in Crypto Valley fell to 10 in 2025 from 17 a year earlier. The region’s top crypto companies listed in the report include Ethereum, Solana, Cardano, Hedera, Toncoin, Polkadot, Near Protocol, Internet Computer, Copper and Sygnum Bank. A CV VC spokesperson attributed the unicorn decline largely to weaker market conditions late in the year that pushed six token projects below the $1 billion threshold and noted that 21Shares was acquired by FalconX, which is not based in Crypto Valley.
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