Switzerland’s Crypto Valley raised $728 million across 31 deals in 2025, up 37% from $531 million in 2024, according to CV VC’s annual report. The region accounted for 47% of all European blockchain venture funding and about 5% of global blockchain investment, reinforcing its position as Europe’s dominant crypto hub.
Globally, blockchain venture funding increased 30% to $15.5 billion across 986 deals, while deal count fell 32%, showing a clear shift toward fewer but significantly larger funding rounds. The trend reflects capital concentration into stronger infrastructure and protocol-level projects rather than early-stage experimentation.
TON Accounts for $400 Million as Capital Concentrates in Large Rounds
A single transaction heavily shaped Crypto Valley’s totals: The Open Network (TON) raised around $400 million, making it the largest deal in the ecosystem for 2025. Other notable financings included Sygnum Bank ($58 million), M0 stablecoin platform ($40 million), Impossible Cloud Network ($34 million), and CratD2C ($30 million).
Sector allocation shows blockchain networks dominated with 62% of total funding, followed by infrastructure at 14%, while both centralized finance and decentralized finance applications each captured 10%. This highlights continued investor preference for foundational blockchain systems over consumer-facing products.
Crypto Valley now hosts 1,766 active blockchain companies, a 134% increase since 2020. Zug accounted for 20 of 31 deals and 88% of disclosed capital, while Zurich followed with five deals.
Despite rising funding, the number of unicorns dropped from 17 to 10, as weaker market conditions pushed six token projects below the $1 billion valuation threshold. Even so, the ecosystem’s growth shows sustained institutional interest in Switzerland as a global blockchain investment center.
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