Following its torrid price rally, Cardano is now the second-biggest cryptocurrency unicorn that has a presence in Switzerland's "Crypto Valley" (behind only Ethereum), according to this year's CV TOP 50 report that was compiled in partnership with accounting giant PwC.
It is currently valued at $40.6 billion, followed by Polkadot ($29.3 billion) and Aave ($3.9 billion).
Last year, for comparison, Cardano did not even make the list of unicorns. Its valuation was only $869 million.
Presently, Zug's Crypto Valley has 11 unicorns, having added five more of them since the previous report.
The most attractive place for crypto companies
The total value of the top 50 companies that are based in the world's biggest crypto hub is close to $255 billion. They received $3.7 billion in funding from investors as of late February 2021.
Regulatory-friendly Crypto Valley—which also includes Liechtenstein—is now home to 960 companies. Despite significant challenges presented by the pandemic, they have increased the total number of employees to 5,180.
Cryptocurrency brokerage and custodian Bitcoin Suisse remains Crypto Valley's top employer, with its headcount now exceeding 100 workers.
Last month, it announced its partnership with the Zug canton that lets all citizens and local companies pay taxes in Bitcoin and Ethereum.