Switzerland’s Crypto Valley captured 47% of European blockchain venture funding in 2025, raising $728 million across 31 deals, according to an annual report released Wednesday by venture firm CV VC.
Globally, blockchain venture funding rose 30% to $15.5 billion across 986 deals last year, while Crypto Valley’s total climbed 37% from $531 million in 2024, the report said.
One deal did much of the heavy lifting. The Open Network (TON) accounted for $400 million of Crypto Valley’s 2025 funding haul, followed by Sygnum Bank at $58 million, stablecoin platform M0 at $40 million, Impossible Cloud Network at $34 million and CratD2C at $30 million, according to the report.
The figures suggest Switzerland remains Europe’s main blockchain funding hub, but they also show capital concentrating into fewer, larger rounds.
Blockchain networks attracted 62% of total funding, followed by infrastructure at 14%, centralized financial services at 10% and decentralized finance applications at 10%, the report said.
Crypto Valley took 47% of Europe’s funding
Crypto Valley’s $728 million accounted for 47% of the total VC blockchain funding across Europe and 5% of the global blockchain funding in 2025, highlighting the Swiss blockchain ecosystem’s growing role in the European blockchain industry.
“Nearly half of all European blockchain investment is now flowing into Crypto Valley,” said Mathias Ruch, founder and CEO of Crypto Valley, calling it a sign of a “maturing ecosystem” focused on infrastructure, finance and the convergence of “frontier technologies” driving digital innovation.
Still, the report’s own numbers show that growth came alongside a more selective market, with deal count falling even as capital deployed increased. That pattern was visible globally as well. CV VC said worldwide blockchain venture funding rose even as deal volume fell 32%, showing a shift toward fewer but larger transactions.
In Crypto Valley, the same dynamic helped push annual funding totals higher, even as the ecosystem’s headline valuation and unicorn count moved lower.
Crypto Valley now hosts 1,766 active blockchain companies, up 134% since 2020, according to CV VC. Companies based in Zug, Switzerland, accounted for 20 of the 31 total deals and 88% of disclosed capital, while Zurich-based companies followed with five deals.
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The report also said Crypto Valley’s number of unicorns fell to 10 in 2025 from 17 a year earlier. Ethereum, Solana, Cardano, Hedera, Toncoin, Polkadot, Near Protocol, Internet Computer, Copper and Sygnum Bank now rank as the region’s top crypto companies.
A Crypto Valley spokesperson attributed the decline largely to weaker market conditions late in the year, which pushed six token projects below the $1 billion threshold. The spokesperson also said 21Shares left the ecosystem after its acquisition by FalconX.
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