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Swiss city of Zug has become fastest growing European technology hub

Swiss city of Zug has become fastest growing Tech Hub in Europe

The city of Zug, which houses the Swiss "Crypto valley", is the fastest growing technology community in Europe. To such conclusion came the British investment company Atomico, which released a report titled "State of European Tech".

According to the document, the number of technological events in Zug increased by 177% compared to the 2017 year. The activity of the city in the field of cryptographic technologies is supported by the Swiss government that changes its laws and policies in favor of financial innovations, and virtual currencies.

The report stated:

"There is a huge geographical diversity among the 20 fastest growing European technology centres. The number of participants in various technological events in these cities increases each year. Zug in Switzerland, home to a growing crypto community, ranked number one as the fastest-growing community overall".

The Russian city of Novosibirsk is on the second place. The number of technological activities in one of the largest cities in Siberia increased by 173% over the past year. The top lines of the rating also ranked the cities as the Hague (Netherlands), Ghent (Belgium) and Katowice (Poland).

Recently it became known about the high activity of startups organized at the Novosibirsk scientific center "Akademgorodok", also known as the "Siberian Silicon valley". Among the successful projects of the Novosibirsk — nanotechnology firm Ocsial, banking software company CFT and precision laser manufacturer Tekhnoscan.

The report Atomico noted that the formation of technology centres is one way of attracting investors to the city. In 2018 in Europe had daily about two hundred such events.

Switzerland has proved its progressive stance against cryptocurrencies legalizing its use and formalizadas crypto-transactions in different contexts. Country sees virtual money and the blockchain technology as a strategic innovation in global finance, so supporting this industry that it, in turn, could provide new jobs.

Zug is actively developing in this direction. According to the report, the company's CV Venture Capital, the total value of the top 50 crypto-currency and blockchain companies located in the Swiss "Silicon valley" currently stands at $ 44 billion.

The report also notes that the number of such companies working in Zug has almost doubled to 600 in the past year. Of the 50 companies in "Crypto valley" and included in the list of the top five are so-called companies-unicorns — capitalization of each of them exceeds one billion dollars. These include company Bitmain, the world's largest manufacturer of miners, as well as cryptocurrency organizations as Ethereum, Dfinity, Cardano and Xapo.


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