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Cardano Becomes Crypto Valley's Second-Biggest Unicorn: Report

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Thu, 03/04/2021 - 16:01
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Alex Dovbnya
Cardano is taking over Zug's Crypto Valley, becoming the second-largest local unicorn
Cardano Becomes Crypto Valley's Second-Biggest Unicorn: Report
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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).

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Image by cvvc.com

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.

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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.

Zug
Image by cvvc.com

Last month, it announced its partnership with the Zug canton that lets all citizens and local companies pay taxes in Bitcoin and Ethereum.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.