Crypto Valley Venture Capital (CV VC), Switzerland-based consortium, has initiated a blockchain incubator with a $100 million goal. CV VC has activated its initial incubator dubbed “Genesis Hub” in the canton of Zug, a Switzerland’s Crypto Valley. The Crypto Valley Association was established as a government-backed consortium in 2017 March. The purpose of the establishment was “assisting the development of blockchain and crypto technologies and businesses.”
The incubator contains 20 blockchain startups while the eventual project contains 60 companies per year. As a part of the initiative, authorized startups will participate in CV VC’s three-month kickstart program with $125,000 as seed funding and the most promising projects will get later stage financing. Moreover, companies will receive support and advice from consortium’s technology consultants.
The company’s long-term goal is to open doors for 1,000 blockchain companies in the world every year. CV VC will make profits up to 8 percent in the form of shares or digital tokens from those companies.
Furthermore, CV VC would like to launch similar incubators in other countries and form a global network in the coming years. Mathias Ruch, the co-founder of CV VC, said that blockchain technology is a global trend which will dominate the whole world soon.
He thinks that initial coin offerings (ICOs) accompanied by initial public offerings (IPOs) will help the creation of a new finance model for young companies. Vasiliy Suvorov, CV VC advisor and vice-president of the Crypto Valley Association, stated, “ICOs are still useful but it will lose the core lead in the blockchain economy soon. We have had all the hypes of ICOs but now we need a new idea.”
According to the survey done by Crypto Finance Conference, Switzerland was ranked the second most favourable country for ICOs. The research was based on publicly available data of the top 100 ICOs by country in terms of funds raised, and ranked them by the number of projects launched.
Author: Jieun Lee