Switzerland’s Crypto Valley funding rose 37% in 2025 as TON led deals

Switzerland’s Crypto Valley captured 47% of European blockchain venture funding in 2025, raising $728 million across 31 deals, according to an annual report released Wednesday by venture firm CV VC.

Globally, blockchain venture funding rose 30% to $15.5 billion across 986 deals last year, while Crypto Valley’s total climbed 37% from $531 million in 2024, the report said.

One deal did much of the heavy lifting. The Open Network (TON) accounted for $400 million of Crypto Valley’s 2025 funding haul, followed by Sygnum Bank at $58 million, stablecoin platform M0 at $40 million, Impossible Cloud Network at $34 million and CratD2C at $30 million, according to the report.

The figures suggest Switzerland remains Europe’s main blockchain funding hub, but they also show capital concentrating into fewer, larger rounds as Crypto Valley’s Top 50 valuation fell to $467 billion, and its unicorn count dropped to 10.

Global blockchain funding growth compared to Crypto Valley growth. Source: Crypto Valley

Blockchain networks attracted 62% of total funding, followed by infrastructure at 14%, centralized financial services at 10% and decentralized finance applications at 10%, the report said.

Companies in Crypto Valley based on industry. Source: Crypto Valley

Crypto Valley took 47% of Europe’s funding

Crypto Valley’s $728 million accounted for 47% of the total VC blockchain funding across Europe and 5% of the global blockchain funding in 2025, highlighting the Swiss blockchain ecosystem’s growing role in the European blockchain industry.

“Nearly half of all European blockchain investment is now flowing into Crypto Valley,” said Mathias Ruch, founder and CEO of Crypto Valley, calling it a sign of a “maturing ecosystem” focused on infrastructure, finance and the convergence of “frontier technologies” driving digital innovation.