TON's Massive Investment Drives 37% Surge in Crypto Valley Funding During 2025
The Swiss blockchain hub secured $728 million through 31 investment rounds in 2025, surpassing worldwide blockchain venture capital growth rates, with TON's $400 million funding round driving results.
The Swiss blockchain ecosystem known as Crypto Valley secured 47% of all European blockchain venture capital investments during 2025, accumulating $728 million through 31 separate investment deals, based on an annual analysis published Wednesday by investment firm CV VC.
On a worldwide scale, blockchain venture capital investments increased by 30% to reach $15.5 billion spread across 986 transactions throughout last year, whereas Crypto Valley's aggregate sum grew 37% compared to $531 million recorded in 2024, the analysis indicated.
A single transaction contributed substantially to the overall results. The Open Network (TON) represented $400 million of Crypto Valley's total 2025 funding volume, with Sygnum Bank following at $58 million, stablecoin infrastructure provider M0 securing $40 million, Impossible Cloud Network obtaining $34 million and CratD2C raising $30 million, the analysis revealed.
These numbers indicate that Switzerland continues to serve as Europe's primary blockchain investment center, though they simultaneously reveal that capital is becoming more concentrated within fewer, higher-value investment rounds.
Investment in blockchain networks captured 62% of aggregate funding, with infrastructure projects receiving 14%, centralized financial services obtaining 10% and decentralized finance applications also securing 10%, according to the analysis.
Crypto Valley secured 47% of European funding
The $728 million raised by Crypto Valley represented 47% of aggregate venture capital blockchain investments throughout Europe and 5% of worldwide blockchain funding during 2025, underscoring the Swiss blockchain sector's expanding influence within the European blockchain landscape.
"Nearly half of all European blockchain investment is now flowing into Crypto Valley,"stated Mathias Ruch, founder and CEO of Crypto Valley, characterizing it as evidence of a "maturing ecosystem" concentrated on infrastructure, finance and the convergence of "frontier technologies" propelling digital innovation.
Nevertheless, the analysis's own data demonstrate that expansion occurred alongside a more discriminating marketplace, with transaction numbers declining even while deployed capital rose. This trend was observable on a global level as well. CV VC reported that worldwide blockchain venture funding increased despite deal volume dropping 32%, indicating a transition toward fewer yet more substantial transactions.
Within Crypto Valley, this identical pattern contributed to elevating annual funding figures, despite the ecosystem's flagship valuation and unicorn tallies moving downward.
Crypto Valley currently houses 1,766 operational blockchain companies, reflecting a 134% increase since 2020, based on CV VC data. Enterprises headquartered in Zug, Switzerland, represented 20 of the 31 aggregate deals and 88% of revealed capital, whereas Zurich-based enterprises accounted for five transactions.
The analysis additionally noted that Crypto Valley's unicorn count decreased to 10 in 2025 from 17 recorded one year prior. Ethereum, Solana, Cardano, Hedera, Toncoin, Polkadot, Near Protocol, Internet Computer, Copper and Sygnum Bank currently stand as the region's leading crypto enterprises.
A Crypto Valley representative explained the reduction primarily resulted from deteriorating market conditions during the latter part of the year, which caused six token projects to fall beneath the $1 billion valuation benchmark. The representative further noted that 21Shares exited the ecosystem following its acquisition by FalconX.