Switzerland’s Crypto Valley took over 47% of European blockchain venture financing in 2025, raising $728 million across 31 deals, according to an annual report released Wednesday by venture firm CV VC.
Globally, blockchain venture funding increased 30% to $15.5 billion across 986 deals last year, while Crypto Valley’s total funding increased 37% from $531 million in 2024, report he said.
One trade did most of the strenuous work. The report shows that Open Network (TON) provided $400 million in funding to Crypto Valley in 2025, followed by Sygnum Bank – $58 million, stablecoin platform M0 – $40 million, Impossible Cloud Network – $34 million and CratD2C – $30 million.
The numbers suggest that Switzerland remains Europe’s main blockchain financing center, but they also show that capital is concentrated in fewer, larger rounds.
Blockchain networks attracted 62% of total funding, followed by infrastructure at 14%, centralized financial services at 10% and decentralized financial applications at 10%, according to the report.
Crypto Valley absorbed 47% of European funds
Crypto Valley’s $728 million amount represented 47% of total blockchain VC funding across Europe and 5% of global blockchain funding in 2025, highlighting the growing role of the Swiss blockchain ecosystem in the European blockchain industry.
“Almost half of all European blockchain investment now flows into Crypto Valley,” said Mathias Ruch, founder and CEO of Crypto Valley, calling it a sign of a “maturing ecosystem” focused on infrastructure, finance and the convergence of “pioneering technologies” driving digital innovation.
Nevertheless, the figures in the report show that growth was accompanied by a more selective market, with the number of transactions falling despite an escalate in capital employed. This pattern was also apparent around the world. CV VC found that funding for blockchain ventures around the world has increased even though transaction volumes have declined by 32%, indicating a shift towards fewer but larger deals.
In Crypto Valley, the same dynamics have helped escalate annual funding totals even as the ecosystem’s underlying valuation and unicorn numbers have declined.
According to CV VC, Crypto Valley currently has 1,766 dynamic blockchain companies, an escalate of 134% since 2020. Zug, Switzerland-based companies accounted for 20 of 31 total deals and accounted for 88% of disclosed capital, while Zurich-based companies closed five deals.
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The report also indicated that the number of unicorns in Crypto Valley dropped to 10 in 2025 from 17 the year before. Ethereum, Solana, Cardano, Hedera, Toncoin, Polkadot, Near Protocol, Internet Computer, Copper and Sygnum Bank currently rank as the top crypto companies in the region.
A Crypto Valley spokesman attributed the decline largely to weaker market conditions at the end of the year, which pushed six token projects below the $1 billion threshold. The spokesperson also said that 21Shares left the ecosystem after being acquired by FalconX.
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