The Swiss fintech market has grown by around 60% in 2018, in line with a recent ‘study‘ revealed by the Lucerne University of Applied Sciences.
The Lucerne University of Applied Sciences researched in-depth review of Switzerland’s fintech market-place for the fourth time. The report named “IFZ FinTech Study 2019” reveals that on a worldwide scale the cities of Zurich and Geneva stay in second and third place for the most effective cities for [fintech], severally. The fintech sector within the country grew over 60% in 2018.
According to the analysis, Switzerland had 356 fintech firms in 2018, compared to 220 firms one year earlier. This expansion is reportedly dependent on fintech DLT [Distributed Ledger Technology] firms, representing a triple increase in the variety. Additionally, “out of the total 356 firms, 122 are in DLT, 66 in Investment Management, 56 in Banking Infrastructure, 42 in Deposit , 36 in Payment while the remaining 34 in Analytics.”
The analysis additionally cites many initial ICO [initial coin offering] firms within the fintech sector of Switzerland, adding:
“Overall, around $386 Mln was raised in 2018 from fifteen ‘ICOs‘, a decrease in both the number and volume of this funding. The major ICO last year was Envion, that received about $100 Mln, followed by Nexo and SwissBorg with $52.5 Mln & $50 Mln, severally.”
In line with the recent ‘report‘ published by ‘ICO‘ rating service by ICObench, Switzerland became the second prime country in terms of the amount of funds raised via ICOs within the fourth quarter of last year, having reportedly raised $238 Mln.
As reported earlier this month, the president of Swiss CVA [Crypto Valley Association], Daniel Haudenschild, ‘revealed‘ that the crypto bearish market had loosened Switzerland’s position as a global blockchain hub. Haudenschild additionally noted that “great concepts are being shelved as they can’t notice that funding,” moreover adding that “we need to bridge that by transporting back investors,” and “making Switzerland open and simpler for firms to invest in ‘blockchain‘ related projects.”