Switzerland, as the self-styled ‘Crypto Nation’, hasn’t seen anything so spectacular, according to the latest research by Zug-based venture capital company CV VC.

Its ‘Top 50’ report says 183 blockchain-related companies went bust last year but were replaced by 190 start-ups or branches of foreign firms setting up in Switzerland. None of the big names have announced much adverse impact from the current volatility.

The most prominent Swiss firms going under last year were the nascent FTX Europe and Covario, which was set up to help companies manage crypto assets. The Swiss branch of UK-based crypto lender company Nexo is also under the microscope after the company’s Bulgarian offices were searched by police in a money laundering investigation – which the company refutes.

This means Crypto Valley still has roughly the same number of blockchain companies from 2021 (currently 1,135) while headcount has declined just 4% to 5,766 employees.