The cryptocurrencies are still in their nascent stages and its technical applications are spread across the world. While some of the countries embrace the technology some of the others have taken from decisions to ban it. Therefore, the effective nurturing and development of the technology is constantly faced with hindrances. The technology can only develop in a good way only when there are suitable facilities required by the technology in one a single place itself, rather than being distributed among different people in different places. Let us read about the Crypto Valley, Switzerland.
The technological developments in Switzerland with respect to the Blockchain Technology and cryptocurrencies have been very appreciable. With its amazing financial market capabilities, which is evident from the fact that almost 27% of the total of-shore Global wealth is vested with Switzerland, it is no wonder that the locale is also one of the favorites for Blockchain Technology and cryptocurrencies. Switzerland was one among the pioneers in accepting the Cryptocurrencies, Blockchain Technology along with Initial Coin Offering. Therefore it was also deemed as the Crypto Valley of the world. Nevertheless, later on, this unofficial name given to the Nation was envisioned to initiate an official Association which would integrate various blockchain based institution for the growth and development of the industry.
In January 2017, the Crypto Valley Association was established which integrates a number of Blockchain startups in the country for the overall development of the cryptocurrencies. Founded in the city of Zug, Switzerland, the association was led by 5 Board members who are also representatives of the technology at an international level. Switzerland was favorable for this initiation due to its blockchain friendly environment and the incorporation of the decentralization paradigm. This association was introduced to further strengthen the attributes of Switzerland with respect to the Blockchain Technology.
Even the financial regulators in Switzerland has been endorsed by a number of prominent figures in the Crypto field, as they say, that they are the only some of the handful of regulators who seems to have understood the real application and working methodology of the Blockchain Technology. In the year 2017, most of the Crypto based Initial Coin Offerings had raised $550 million collectively which accounted for 14% of the global ICO market.
The concept was initially put forth by Johann Gevers, as he moved his startup Monetas to Zug, Switzerland in 2013. It was then he realized the potential of such an Association in Switzerland. The association assist in connecting various Crypto organizations with each other to create an enterprise and jointly work to solve a particular problem. They even help in pushing research and development along with initiating events like hackathons to keep alive, a spark in the crypto domain.
Associating one’s company with the Association is highly advantageous as joining hands with them would enable the startup to gain access to some the most scarce features like best talent in the industry, deep capitals, getting to know the working paradigm of startups and major companies. Most importantly when surrounded by people with similar values and beliefs even the impossible becomes possible, in short, The Crypto Valley is the hub of most of the cryptocurrency development around the world.
This amazing venture any blockchain field has attracted this supports from various prominent organisations in the field like the canton and city of Zug, Monetas, Switzerland Global Enterprise, Bitcoin Suisse, the Digital Finance Compliance Association, the Bitcoin Association of Switzerland, Lucerne University of Applied Sciences and Arts, Ethereum, the Greater Zürich Area, the Swiss Financial Market Supervisory Authority (Finma), MME Legal, etc. all of which has played a major role in sustaining the association. The vibrant community is also supported by the Swiss Federal Government.
The Crypto Valley Association initiates a number of Blockchain related events including conferences and hackathons to improve the Blockchain development around the world. Apart from Bitcoin and Ethereum most of the cryptocurrency organizations has achieved its success in making use of the economic support provided by Switzerland. There are very positive vibes in the country where healthy competition seems to be taking place between the Crypto Valley, Zug, and Chiasso.