Switzerland’s Crypto Valley captured 47% of European blockchain venture funding in 2025, raising $728 million across 31 deals, according to venture firm CV VC’s annual report released on Wednesday.
Globally, blockchain venture funding rose 30% last year to $15.5 billion across 986 deals, with Crypto Valley’s total amount increasing 37% from $531 million in 2024, according to the report.
One transaction did most of the heavy lifting for you. According to the report, Open Network (TON) accounted for $400 million of Crypto Valley’s 2025 funding, followed by Sygnum Bank with $58 million, stablecoin platform M0 with $40 million, Impossible Cloud Network with $34 million, and CratD2C with $30 million.
The numbers suggest that Switzerland remains Europe’s leading blockchain funding hub, but also show that capital is being concentrated in fewer, larger rounds.
According to the report, blockchain networks attracted 62% of the total funds, followed by infrastructure with 14%, centralized financial services with 10% and decentralized financial applications with 10%.
Crypto Valley captures 47% of European funding
Crypto Valley’s $728 million will account for 47% of total VC blockchain funding across Europe and 5% of global blockchain funding by 2025, highlighting the growing role of the Swiss blockchain ecosystem in the European blockchain industry.
“Nearly half of European blockchain investments now flow into Crypto Valley,” Matthias Rusch, founder and CEO of Crypto Valley, said in a statement, noting that this is a sign of a “mature ecosystem” focused on the convergence of infrastructure, finance, and “frontier technologies” that drive digital innovation.
Still, the report’s own figures show that growth has come alongside a more selective growth in the market, with the number of deals falling despite increased capital injections. The pattern was seen worldwide. CV VC said that despite a 32% drop in deal volume, funding for blockchain ventures around the world increased, indicating a shift towards fewer but larger deals.
In Crypto Valley, the same dynamics helped push up annual funding totals despite a decline in the ecosystem’s headline valuation and unicorn count.
According to CV VC, Crypto Valley is currently home to 1,766 active blockchain companies, an increase of 134% since 2020. Zug, Switzerland-based companies accounted for 20 of the 31 total deals, or 88% of the public capital, followed by Zurich-based companies with five deals.
The report also said that the number of unicorn companies in Crypto Valley will decrease to 10 in 2025 from 17 the previous year. Ethereum, Solana, Cardano, Hedera, Toncoin, Polkadot, Near Protocol, Internet Computer, Copper, and Signum Bank are currently ranked among the top crypto companies in the region.
A Crypto Valley spokesperson said the decline was primarily due to weak market conditions in the second half of the year, when six token projects fell below the $1 billion threshold. The spokesperson also said that 21Shares left the ecosystem following its acquisition by FalconX.
