Crypto Startups in Switzerland
Switzerland has become a major hub for cryptocurrency (crypto) exchanges in recent years thanks to flexible regulations and a political system supporting innovative projects. While they are regulated by the Swiss Federal Tax Administration (FTA), crypto exchanges are legal in Switzerland. Leading universities such as the École Polytechnique Fédérale de Lausanne (EPFL) and ETH Zürich have acted as bases for several cryptocurrency startups.
The Canton of Zug is home to over 500 cryptocurrency startups. Because of its low corporate tax (14%), this region has earned the nickname Crypto Valley.
Here are four of Zug’s famous cryptocurrency startups.
ShapeShift is one of Switzerland’s leading cryptocurrency exchanges. Created by Erik Voorhees in 2014, this cryptocurrency has become a global business. It has more than 100 members around the world and handles about 10,000 to 30,000 transactions per day.
To start exchanging currencies via ShapeShift, users are not obligated to have an account on the platform. Users can also anonymously buy and sell a variety of tokens and crypto assets. However, a user’s receiving address is required in order to complete a transaction.
Cardano (ADA) is a decentralized public blockchain and cryptocurrency project, and one of the largest cryptocurrencies in the world. This startup was launched in 2017 by Charles Hoskinson, one of the co-founders of Ethereum. It consists of two layers – the Cardano Settlement Layer (CSL) and the Cardano Computation Layer (CCL). This smart contract platform offers scalability and security through its multi-layer protocol. It also uses enhanced identity verification.
Founded in 2016 by Eyal Hertzog, Galia Benartzi, Guy Ben-Artzi, and Yudi Levi, Bancor is a decentralized cross-blockchain liquidity network. It offers its users a simple, low-cost method to convert tokens directly from their wallets. Bancor also allows users to convert between any two tokens on their network, with no counterparty, at an automatically calculated price. Utilizing an innovative token “connector” method, this allows any token on Bancor to be instantly converted into any other token at continuously calculated prices, without the need to match buyers and sellers.
SEBA Crypto AG
SEBA Crypto AG was founded in 2018 by two former UBS managers – Guido Bühler and Andreas Amschwand. Their goal is to become a fully licensed and supervised cryptocurrency bank for investors and corporate clients. The company also plans to offer its clients a real crypto market with a wide range of services, including transactions, secure storage and investment protection, trading between crypto and traditional currencies, management of the cryptocurrency market and liquidity risks, and generating crypto assets via professional initial coin offerings (ICOs).