Crypto Valley Funding Surges 37% to $728M in 2025 as TON’s $400M Deal Drives Capital Concentration
Switzerland's Crypto Valley has made a real statement about its status as Europe's top blockchain funding hub, snagging a 47% share...
Quick overview
- Switzerland's Crypto Valley captured 47% of Europe's blockchain venture capital in 2025, with total funding rising 37% to $728 million.
- A significant portion of the funding increase was driven by a $400 million investment in The Open Network (TON), accounting for over half of the year's total.
- The region is home to 1,766 blockchain companies, although the number of unicorns decreased from 17 to 10 due to market pressures.
- Crypto Valley's success is attributed to its strong regulatory framework, financial expertise, and a shift towards larger, infrastructure-focused deals.
Switzerland’s Crypto Valley has made a real statement about its status as Europe’s top blockchain funding hub, snagging a 47% share of regional venture capital in 2025. Total funding went up a 37% from $531 million in 2024 to a whopping $728 million across 31 deals. That’s according to the latest CV VC report.
And good chunk of that increase was down to a single, $400 million investment in The Open Network (TON) – which is more than half the whole amount of capital Crypto Valley managed to raise for the year. Zug based companies were the ones who dominated, securing 20 deals and raking in 88% of the disclosed funding – while out in Zurich, there was still plenty of early-stage activity, with 5 deals.
Key Highlights from 2025
- Crypto Valley gets 5% of the world’s blockchain venture funding
- There are now a whoppin 1,766 blockchain companies operating within the ecosystem
- The number of unicorns dropped down to 10 from 17 – simply because the market priced some of them out
- A total of 6 token-based projects lost their valuation of over a billion dollars
- 21Shares had to shut up shop after it got snapped up by FalconX
Other notable raises were, of course, from Sygnum Bank ($58M), stablecoin infrastructure provider M0 ($40M), Impossible Cloud Network ($34M) & CratD2C ($30M).
https://www.cvvc.com/insights#top50
Shift Towards Larger, Infrastructure-Focused Deals
Across the globe, blockchain venture funding rose by a 30% to a total of $15.5 billion across 986 deals last year. However, the number of deals did fall off by 32% – which isn’t exactly a surprise, seeing as how the industry has clearly shifted towards fewer but a whole lot more substantial deals.
In Crypto Valley, a whole 62% of the funding went straight into blockchain networks – with infrastructure coming in a close second at 14% and decentralised finance & centralised financial services both grabbing 10% each. The writing’s on the wall: we’re moving into a more mature phase where big players are after big infrastructure and foundational blockchain layers, while the smaller early-stage deals aren’t getting as much love.
What’s Behind Switzerland’s Success
Crypto Valley’s growth just goes to show that Switzerland’s a real contender as a regulated, innovation-friendly jurisdiction. The ecosystem’s got a strong financial expertise to back it up, clear regulatory frameworks in place, and proximity to all that institutional capital.
Even with short term valuation pressures and the reduction in unicorns, the industry leaders still see the region as shifting into this more mature phase that’s all about getting the compliance right, the infrastructure in order and getting institutions on board. As more and more traditional finance gets tokenized and blockchain integrated, Crypto Valley looks set to keep on being a leading hub in Europe’s digital asset economy.
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