The decentralized artificial intelligence (AI) market SingularityNET, which runs on the Cardano (ADA) network, has strengthened its dedication to autonomy by setting up a foundation in Switzerland.
The move to Zug, in the middle of the famous “Crypto Valley,” is part of the company’s plan to encourage the creation of new use cases, grow its European community, and support research and development projects.
Swiss Foundation Boosts SingularityNET Expansion and Transparency
In a recent statement, Ben Goertzel, founder and CEO of SingularityNET, highlighted how important it was to set up the foundation in line with the Web3 goal. He said that the company was committed to creating a “decentralized and democratic paradigm” that could solve today’s problems.
🇨🇭 We have recently relocated our headquarters from Amsterdam to Zug, the heart of the Swiss Crypto Valley! The choice of Switzerland reflects our strategic focus on furthering our decentralization and expanding our ecosystem. Learn more: https://t.co/K2SwklQcWd
— SingularityNET (@SingularityNET) February 5, 2024
Goertzel stressed that SingularityNET’s move to Zug shows its unwavering dedication to working with “utmost transparency” and following Switzerland’s strict regulatory rules.
The move from Amsterdam, Netherlands, to the Crypto Valley in Switzerland went smoothly thanks to SingularityNET’s work with STORM Partners, a Swiss professional services company specializing in Web3. The choice of Switzerland as the new base was influenced by the country’s advanced infrastructure, strategic position, and forward-thinking laws that support Web3 development.
Swiss is an “ideal environment,” according to SingularityNET, and it fits perfectly with the platform’s beliefs of democracy, decentralization, and openness. This move is meant to strengthen SingularityNET’s position in the Crypto Valley and increase its impact and reach worldwide.
Swiss Crypto Projects Surge to $383 Billion Valuation
According to recent reports from Yahoo Finance, the value of crypto projects based in Switzerland and Liechtenstein has increased significantly, hitting $383 billion. This represents a 107% rise from last year as the crypto market is recovering.
The market value of the top three cryptocurrencies (based in Switzerland) is as follows: Ethereum, with $273 billion; Solana, with $43.3 billion; and Cardano, with $20.8 billion. In 2023, the global Web3 venture capital market went down, even though crypto projects based in Switzerland and Liechtenstein saw a significant rise.
Researchers at CV VC saw a drop in deals and investment amounts for Web3 companies. There were 1,031 deals worth a total of $9.8 billion, which is a significant drop from the previous year.
Crypto companies in Switzerland and Liechtenstein raised $283.5 million in 49 deals in 2023. This was less than the $964.3 million they raised in 93 deals in 2022. Even though funding is going down, the two countries are still very important in the Web3 space and get about 5% of all Web3 venture capital funds.
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