The FTX scandal has thrown the crypto industry into turmoil. Wild rumors are circulating in the Swiss crypto valley. “I don’t trust anyone here right now,” an insider told Blick last week. A scene full of fear and uncertainty. And now the next negative headline: According to the start-up portal Startups.ch, the number of start-ups dropped significantly in 2022.
The hangover mood in the crypto market has spawned a disproportionately small number of young companies in Central Switzerland, the heart of the crypto valley stretching from Zug, compared to the Swiss average, Startups.ch announced on Wednesday. Specifically, the percentage drop should be as high as 4.71 percent by the end of the year, according to a projection based on the platform’s trade registry entries.
2023: No improvement in sight
With a total of about 49,800 new companies entering the Swiss business register, the overall Swiss average is likely to be minus 1.44 percent. The confluence of crises has hit the Swiss crypto startup industry particularly hard.
Given the uncertain environment, measured progress can be expected for 2023: “Anyone with a secure and well-paying job will stay in business during these uncertain times and not expose themselves to the risk of starting a company,” says Michele. Blasucci, CEO of startups.ch in communication. (SDA/nim)