Zug – the Crypto Silicon Valley of Switzerland – Is the Fastest Growing Tech Hub in Europe

Switzerland aims to become one of the key hotspots for crypto stakeholders in the world. The small European country is no longer famous only for its banking system and luxury watch brands. In the last few years, it has become home to a large number of blockchain startups. It has also attracted some major companies interested in the crypto phenomenon.

Now, a recent report by Atomico, tech investment firm headquartered in London, confirms that Switzerland is a top contender in the tech world. The city of Zug is the fastest growing tech hub in Europe, based on the number of specialised Meetup events taking place there.

The Crypto Silicon Valley – a City Embracing Blockchain at a Fast Adoption Rate

Looking at the geographic and demographic data, Zug is not very impressive. It has around 30,000 inhabitants and it is too small to have an airport. However, this is the place where some of the most important crypto related entities exist. The Ethereum Foundation, Bitcoin Suisse and the Crypto Valley Association are all based in Zug.

The Crypto Valley Association, in particular, has a strong backing from top international organisations. Some of its members are Thomson Reuters, PwC, KPMG and UBS.

Together with 4,000 other companies, the Crypto Valley Association in Zug has managed to establish relations with local authorities and with major blockchain associations in London, New York and Singapore.

A Growing Tech Hub Where Blockchain Technology Thrives

According to the Atomico report, tech related Meetup events in Zug grew by 177% in the last year. Another statistic places Zug on the 5th place on the list of European cities with more than 1,000 members of tech-related Meetup groups. Remember, this is a city of 30,000 inhabitants.

The findings in the Atomico report are not surprising. Blockchain technology has become a part of the daily life of Zug residents. This is the first place in the world that tested and successfully implemented a blockchain-based voting system.

It is also the city where residents can pay their taxes and other public services with cryptocurrency. The only area in the world as crypto-friendly as Zug, are Australian coastal towns, Agnes Water and 1770, also known as Australia’s first cryptocurrency towns.

Why Is Switzerland So Crypto-Friendly?

As more reports and statistical numbers add up, it is clear that Switzerland is set to be known for its crypto-friendly approach to business. A local entrepreneur and crypto investor, Marc Bernegger, explained in an interview with Forbes magazine:

In general, Switzerland has a very liberal and direct democratic political system that is quite decentralized. This is one of the reasons that the Swiss government embraces blockchain technology. They understand how a decentralized network works.