Switzerland’s Crypto Valley accounted for 47% of Europe’s blockchain venture capital in 2025, raising $728 million across 31 deals, according to CV VC’s annual report. Globally, blockchain venture funding climbed 30% to $15.5 billion across 986 deals, while Crypto Valley’s haul rose 37% from $531 million in 2024.
A single transaction dominated the region’s totals: The Open Network (TON) contributed $400 million. Other significant rounds included Sygnum Bank with $58 million, stablecoin platform M0 at $40 million, Impossible Cloud Network at $34 million and CratD2C at $30 million. The numbers highlight a concentration of capital into fewer, larger financings, keeping Switzerland as Europe’s leading blockchain funding hub.
By sector, blockchain networks drew the largest share of Crypto Valley funding at 62%, followed by infrastructure (14%), centralized financial services (10%) and decentralized finance applications (10%). Crypto Valley’s $728 million represented roughly 47% of European blockchain VC funding and about 5% of global blockchain investment in 2025, underlining the Swiss ecosystem’s outsized role.
Mathias Ruch, founder and CEO of CV VC, described the pattern as evidence of a maturing ecosystem focused on infrastructure, finance and the intersection of frontier technologies.
The report also points to a more selective market: while total capital deployed increased, the number of deals declined. That mirrors a global trend in 2025 where overall funding rose even as deal volume fell by about 32%. In Crypto Valley this dynamic lifted annual funding despite drops in headline valuations and a reduced unicorn count.
The region now hosts 1,766 active blockchain companies, a 134% increase since 2020. Zug-based firms were involved in 20 of the 31 deals and accounted for 88% of disclosed capital, with Zurich-based companies making up five deals.
Crypto Valley’s roster of unicorns fell to 10 in 2025 from 17 the year before. The report lists leading projects and firms connected to the region, including Ethereum, Solana, Cardano, Hedera, Toncoin, Polkadot, Near Protocol, Internet Computer, Copper and Sygnum Bank. CV VC attributed the decline in unicorns mainly 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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