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While all of us have heard of Silicon Valley, Crypto Valley still seems to be quite a mysterious place for many. So what is that destination that attracts the most talented people in the crypto industry? Find out below.
Most of us have heard of Silicon Valley, home to such household names as Apple, Google, and Facebook. Heck, there’s even a successful TV show named after the place, with the comedy series parodying the famous companies who call Southern California home.
Not quite as many people have heard of Crypto Valley, but that could be about to change real soon. Just outside of Zurich, Switzerland is the small town of Zug. Otherwise known as Crypto Valley.
A Prominent Tech Hub
With a population of just shy of 35,000 people, Zug was a city that used to focus on agriculture and heavy industry, but a relatively small group of cryptocurrency and blockchain tech companies have set up home in recent years, causing raised eyebrows in certain quarters.
It isn’t just crypto companies who call Zug home though, as some of the most significant medical and pharmaceutical companies in the world are represented in the city, including Johnson & Johnson.
Recently ranked as one of the fastest growing tech hubs in Europe, Switzerland has long enjoyed a positive reputation when it comes to embracing innovation, and blockchain technology is no different.
Among the first to help establish blockchain technology in Switzerland is Herbert Sterchi of Codex.
With extensive knowledge of blockchain and cryptocurrency technology, Herbert has played pivotal roles in taking companies from the startup phase to growth and sales. His know-how when it comes to implementation and operations really does know no bounds, and his various roles as managing director, COO, and CFO in several international companies reflect that.
Today, those who work with him are excited to do so, including Thomas Koller, CEO of ATRONOCOM, who recently announced a co-operation with both Sterchi and Codex, which he hopes will smooth the way for his company to take its place in the European home of crypto.
“Herbert is a key figure in the history of crypto and blockchain within Europe, and has been nothing short of a pioneer when it comes to the development of Ethereum in Switzerland,” commented Koller.
There’s More to Switzerland than Tax
So what is it that’s attracting the most talented people in the crypto industry to Switzerland? The first thing that comes to most people’s minds is tax, or rather the lack thereof.
That’s true, the tax rates are favorable for business with corporation tax of just 14 percent in the Canton of Zug, but there’s more to it than that.
In an era when many governments are skeptical at best and downright hostile at worst when it comes to the crypto industry, the Swiss approach is refreshingly even-handed and reasonable.
“The Swiss authorities don’t view the blockchain and crypto industry from a confrontational standpoint,” commented Thomas Koller.
“Rather than see this new technology as a problem, an inconvenience, the Swiss government are looking to tweak existing financial laws to accommodate crypto instead, which is fantastic.”
With decentralization at the heart of everything they do, Atronocom and other blockchain startups who see Switzerland as a place to do business will find themselves welcomed within Crypto Valley and Switzerland in general.
Hopefully, it won’t be long before more destinations follow suit.