SingularityNET Establishes Foundation in Switzerland’s Crypto Valley
SingularityNET (SNET), an AI marketplace powered by the Cardano network, has recently established its foundation in Switzerland’s renowned “Crypto Valley” in Zug. This move aims to catalyze the development of new use cases, expand the global community, and foster research and development projects.
The foundation’s establishment aligns with the vision of creating a decentralized and democratic paradigm that addresses the challenges of the modern world. Relocating to Zug underscores the platform’s dedication to transparency and compliance with Swiss standards.
Collaboration with STORM Partners and Reasons for Choosing Switzerland
In collaboration with STORM Partners, SingularityNET has moved its foundation from Amsterdam to Switzerland. Switzerland was chosen as its new base due to its state-of-the-art infrastructure, location, and progressive regulatory landscape for Web3 development.
The country provides an ideal environment to promote SNET’s values of decentralization, democracy, and inclusiveness across its organization.
Surge in Valuation for Swiss Crypto Projects
Crypto projects based in Switzerland and Liechtenstein have experienced a significant surge in value, reaching a combined valuation of $383 billion. This represents a 107% year-over-year increase driven by the overall recovery in the crypto market.
Ethereum leads the pack with a market capitalization of $273 billion, followed by Solana at $43.3 billion and Cardano at $20.8 billion.
Declining Deals and Funding Amounts for Web3 Firms
The global Web3 venture capital landscape has not fully rebounded, with declining deals and funding amounts for Web3 firms. In 2023, there were 1,031 deals totaling $9.8 billion in VC funding, a significant decrease compared to the previous year.
In Switzerland and Liechtenstein, crypto firms raised $283.5 million across 49 deals in 2023, contrasting with the $964.3 million raised through 93 deals in the previous year.
Switzerland’s Role in the Web3 Space
Despite the funding decline, Switzerland and Liechtenstein continue to play a significant role in the Web3 space, attracting approximately 5% of all Web3 venture capital funding. The two countries are home to over 1,290 Web3 firms.
Switzerland’s legacy and the contribution of these firms to local and global economies have solidified its position as a leader in blockchain adoption.
Conclusion
SingularityNET’s establishment in Switzerland’s Crypto Valley strengthens its presence in the European market and aligns with its vision of a decentralized and democratic paradigm. The surge in valuation for Swiss crypto projects highlights the growth and potential of the industry. While there has been a decline in funding for Web3 firms globally, Switzerland and Liechtenstein remain key players in this space. Their advanced infrastructure and progressive regulatory landscape make them attractive destinations for blockchain startups and investors.