Fintech Growth In Switzerland Is Associated With Blockchain Development
In 2018, the fintech Swiss market grew by 62%, of which one third are companies associated with blockchain and cryptocurrencies, Cointelegraph reports referring to the research by the Lucerne University of Applied Sciences.
According to the IFZ FinTech Study 2019, the number of fintech startups increased from 220 to 356 in 2018, while 122 of them are cryptocurrency or blockchain projects. The analysts believe that such a growth in the sphere of financial technologies can be explained by the active development of firms working with DLT.
It is noted that Geneva and Zurich retain the position of leaders among cities with the best infrastructure and most favorable conditions for the development of the sphere of financial technologies.
The scientists also found out that in 2018 Swiss projects raised in general about $386 million through ICOs. At the same time, a decrease in investment was observed. Thus, Envion managed to attract $100 million during the biggest ICO in 2018, followed by the startups Nexo and SwissBorg, which raised $52 million and $50 million, respectively.
According to the ICObench report, in Q4 2018, Swiss projects raised $238 million of investment, which allowed Switzerland to take the second position in the ranking of countries with the highest amount of funds collected during ICO.
Earlier, the University of Applied Sciences in Zurich, Switzerland (ZHAW) has developed a certified digital signature for legal verification of smart contracts on blockchain.