The tenth edition of the CV VC Top 50 Report, released at the Web3 Hub Davos during the World Economic Forum, ranks the top 50 blockchain entities by token market capitalisation and private company valuations.
The report provides insights into Crypto Valley’s 2024 venture funding landscape and highlights the ongoing developments in the blockchain sector.
Top 50 Valuation Milestones for 2024:
The total valuation of the Top 50 entities has increased by 55%, now standing at $593 billion.
25 blockchain platforms are valued at $584.33 billion, with 16 based in Zug, contributing 97% of the total platform valuation.
Blockchain companies’ private valuations stand at $9.11 billion, with 14 companies based in Zug, accounting for 56% of the total valuation.
New entrants include LCX, Liquity, and Safe by token market cap, and Glue Blockchain, Portofino Technologies, M^0 Labs, Nillion, Rulematch, Wyden, Tea, RedStone, Arf, Molecule, and Relai by private valuation.
Crypto Valley now hosts 17 unicorns, including Sygnum, the world’s first digital asset bank.
A new validation framework is being established to reflect industry developments, with results due by the end of Q1 2025.
Key Funding Insights:
Total funding in Crypto Valley reached $586 million across 56 deals in 2024, an 8% increase, outpacing global blockchain funding growth of 3%.
Notable deals included Celestia ($100 million), Sygnum ($98 million), TON ($48 million), M^0 Labs ($35 million), and Nillion ($25 million).
Crypto Valley’s share of global blockchain funding rose to 5.2%, while its share of European blockchain funding reached a record 29.1%, up from 18.7% in 2023.
The median deal size increased by 70%, now standing at $5.6 million, higher than the global median of $4 million.
Geographic Distribution of Funding:
Zug accounted for 42% of total funding, with $245.89 million across 28 deals.
Zürich followed with 34.7%, totalling $203.22 million across 15 deals.
Liechtenstein contributed 17.1%, with Celestia’s significant deal.
Funding by Industry Segment:
Centralised financial services accounted for 34% of total funding, followed by blockchain networks at 29%.
Decentralised finance (DeFi) grew significantly, from 7% to 15%.
Data management, verification, and analytics surged from 3.5% to 11%.
Infrastructure and developer tools secured 10%, while gaming and NFTs saw a sharp decline, dropping to 1%.
Heinz Tännler, President of the Swiss Blockchain Federation, stated,
Heinz Tännler
“The blockchain sector is undeniably one of the fastest-growing industries globally. Crypto Valley is poised to lead the next phase of innovation, but realising this vision requires a supportive regulatory framework and a stronger investment culture. Constructive dialogue with regulators, including the State Secretariat for International Finance (SIF) and FINMA, is ongoing, focusing on key areas such as cross-border custody, activities on public blockchains, and stablecoin supervision.
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Sygnum, a global digital asset banking group, has secured US$ 58 million in an oversubscribed funding round, earning it unicorn status with a valuation to over US$ 1 billion.
The round bolstered Sygnum’s balance sheet and CET1 capital, supporting plans for future growth.
Led by Bitcoin-focused venture capital firm Fulgur Ventures, the round saw participation from new and existing investors, along with Sygnum’s co-founders, board, and team members, who continue to hold a majority ownership in the company.
The funds will be used to expand Sygnum’s market presence in the EU/EEA and Hong Kong, enhance institutional infrastructure, and develop Bitcoin-focused products.
Additional investments will strengthen compliance, risk management, and organisational resilience.
Sygnum reported strong
Retail investors are showing distinct behavioral patterns when trading cryptocurrencies compared to traditional assets such as gold and stocks. Traditionally, investors tend to sell their stocks and gold when prices rise.
21.co, the parent company of 21Shares – one of the world’s largest issuers of crypto exchange traded products (ETPs), and Crypto.com announced that they have entered into a strategic partnership.
Central to the partnership, 21.co Wrapped Bitcoin (21BTC) will source Bitcoin liquidity from Crypto.com, leveraging the exchange’s liquidity. Looking ahead, 21.co and Crypto.com intend to build on the strategic partnership, with future announcements in the pipeline.
Eliezer Ndinga
“We are thrilled to integrate 21BTC with Crypto.com, enhancing user access to crypto and marking the starting point of a long-term, strategic partnership. As two leaders in digital asset innovation, know-how and operations, the 21.co–Crypto.com partnership creates a powerful combination,”
said Eliezer Ndinga, Head of
Siemens has again issued a digital bond in accordance with Germany’s Electronic Securities Act (Gesetz über elektronische Wertpapiere, eWpG).
This follows the successful issuance of its first digital bond last year. In issuing the bond, the company is supporting the trials by the Eurosystem and the Bundesbank in particular, that are aimed at testing blockchain technology for the digital financial market.
Ralf P. Thomas
“Since the successful issuance of our first digital bond on a blockchain, we have been rigorously focusing on the further development of this forward-looking technology. By issuing another digital bond, we are demonstrating once again our spirit of innovation and underscoring our aim to continuously drive digital solutions for the financial markets. Siemens remains a pioneer
Tornado Cash, a decentralized smart contract protocol built on the Ethereum blockchain, was sanctioned in 2022 by the US Treasury’s Office of Foreign Assets Control (OFAC) for its role in laundering over US$7 billion worth of illicit funds since 2019.
The sanctions initially led to a drop in Tornado Cash use, weakening its ability to provide anonymity. However, transactions on the platform continue, reflecting the mixed effectiveness of sanctions on decentralized networks and highlighting the challenges in regulating these systems, a new research paper by the Swiss National Bank (SNB) says.
The SNB working paper, released in August 2024, assesses the impact of OFAC sanctions on Ethereum communities and actors, with a particular focus on Tornado Cash.
Tornado Cash is a cryptocurrency mixer
Cryptocurrencies are increasingly being integrated into traditional finance, driven by both retail and institutional interest. Financial institutions are embracing tokenization and institutional investors are increasingly entering the cryptocurrency market.
Bitcoin, in particular, is emerging as a valuable diversification tool in wealth management, highlighted for its low correlation with traditional asset classes and its strong growth performance, a new report by Bitcoin Suisse, a Swiss crypto services provider, says.
The inaugural “Crypto Wealth Management Report”, released in July 2024, looks at the historic performance of bitcoin, showcasing the crypto’s position as a potential powerhouse within diversified portfolios. The report explores the key drivers behind the performance of
Sygnum Gains Unicorn Status with US$58 Million Funding Round
Retail Investors Show Divergent Behaviors in Crypto versus Traditional Assets
21Shares and Crypto.com Forge Strategic Partnership
Siemens Launches €300 Million Digital Bond on Blockchain
SNB Study: Tornado Cash Case Highlights the Challenge of Regulating Decentralized Services
Crypto Wealth Report: Integration of Cryptocurrencies Boosted by Institutional Interest
