Swiss Government is not Bailing out Crypto, Rejects $103 Million Aid

Swiss Government is not Bailing out Crypto, Rejects $103 Million Aid

Swiss Government not bailing out Crypto

Switzerland’s authorities have rejected a hundred million francs (hundred three dolars million) bailout for local cryptocurrency businesses affected by the coronavirus financial state, local press reported.

Zug financial director Heinz Taennler requested the specific funding package deal in April.

The vast majority of the government officials have been reported not very enthused about the long term future of the crypto industry.

The report stated much more than 66 % of cryptocurrency, as well as blockchain companies that applied for broader central government loan guarantees, but didn’t secure them.

Just half of the fifty biggest businesses in Crypto Valley expect to last 12 months in business.

While startups are often endangered by the COVID 19 effect over the economy, Crypto Valley’s damage to venture capital comprises an underlying problem.

A mid 2019 evaluation of the fifty top businesses valued them at $40 billion, which was 2 times their value at the start of the entire year. The statement also mentioned 6 unicorns. The “Crypto Valley” had approximately 800 businesses with more than 4,000 personnel.

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