On March 1, 2017, the Crypto Valley Association (CVA) launched in Zug, Switzerland with the goal of accelerating the development, deployment, and funding of blockchain technology.
The CVA is a government-backed institution focused on blockchain innovation and is comprised of several major blue chip members, disruptive startups, and globally recognized leaders. The association has set up headquarters in the canton of Zug, a region of Switzerland known as “Crypto Valley.”
Led by fintech and blockchain influencer Oliver Bussmann, the CVA launch members include Ethereum-based ConsenSys, Lucerne University of Applied Sciences and Arts, Luxoft, PricewaterhouseCoopers, Thomson Reuters, and UBS.
The CVA will support startups and established enterprises through policy recommendations, implementing research projects, and organizing conferences, hackathons, and other blockchain-based events. Taking advantage of the country’s environment of free speech and data privacy, the CVA seeks to foster innovation within the world’s leading blockchain and cryptographic ecosystem to pioneer digital technologies within Switzerland as well as internationally.
“Blockchain and cryptographic related technologies and businesses are the wave of the future. With the founding of Crypto Valley Association, we are promoting more than a region: we have founded a global association as a base for the sector’s most innovative and forward thinking companies, further strengthening Switzerland’s position as a leading centre of innovation in this sector,” said Oliver Bussmann, President of the CVA.
With Crypto Valley’s track record of attracting companies that seek to take advantage of minimal government invasion of corporate coffers and share an overall love of innovation, it’s no wonder that the city of Zug (the capital of the canton of Zug) has been hailed as “Silicon Valley 2.0.”
According to the CVA website:
“Crypto Valley was initiated by Johann Gevers after identifying Switzerland with its decentralized, citizen-controlled political system, its centuries-old culture of individual rights, innovation, and entrepreneurship, its neutrality, stability, and business-friendly environment…for building the new generation of decentralized technologies.”
As previously reported by ETHNews, Zug began accepting bitcoin payments for city fees of up to 200 Swiss francs (~$200 USD) in July 2016.
The CVA joins a growing list of both independent and government-backed organizations who aim to help fintech companies flourish within the country, like the Swiss Financial Market Supervisory Authority (FINMA) and the non-profit organization Swiss Finance Startups (SFS).
Because of Switzerland’s long tradition as a global financial center, the establishment of the CVA can be seen by many as a victory for the blockchain ecosystem. As Switzerland continues to be a hotbed for disruptive technologies, such as the Ethereum-based AKASHA Project (headquartered in Zug), the nation stands in a unique position to influence digital technologies, virtual currencies, and other financial systems.
Veronica Lange, Head of Innovation at UBS said:
“Blockchain Technology could transform the financial industry and help to create new and improved financial services for clients. Collaboration on innovation is core to our strategy and especially needed for blockchain. UBS strongly supports activities to build out the FinTech ecosystem in Switzerland, and is pleased to join the Crypto Valley Association to drive further collaboration on blockchain technology in the region.”
For more information on Crypto Valley Association, visit https://cryptovalley.swiss/.