Decentralized AI Marketplace Chooses Crypto Valley for its Foundation
Zug, Switzerland – SingularityNET (SNET), a decentralized artificial intelligence (AI) marketplace powered by the Cardano (ADA) network, has established its foundation in Switzerland, specifically in Geneva, within the renowned “Crypto Valley” in Zug.
Catalyzing Innovation and Expanding Community
The move aims to catalyze the development of new use cases within the ecosystem, expand its global community to European countries, and foster research and development projects. Founder and CEO of SingularityNET, Ben Goertzel, highlighted that the foundation’s establishment aligns with the Web3 vision of creating a “decentralized and democratic paradigm” that effectively addresses the challenges of the modern world.
Adhering to Compliance Standards and Promoting Transparency
Goertzel emphasized that relocating to Zug underscores the platform’s dedication to operating with “utmost transparency” and adhering to the country’s compliance standards. In collaboration with STORM Partners, a Swiss professional services firm focusing on Web3, SingularityNET has moved its foundation from Amsterdam, Netherlands, to Switzerland.
Ideal Environment for Decentralization and Inclusiveness
Switzerland was chosen as its new base based on several factors, including the country’s state-of-the-art infrastructure, location, and progressive regulatory landscape for Web3 development. According to the company, Switzerland provides an “ideal environment” to promote SNET’s values of decentralization, democracy, and inclusiveness further across its organization.
Swiss Crypto Projects Surge in Value
Crypto projects based in Switzerland and Liechtenstein have experienced a significant surge in value, reaching a combined valuation of $383 billion. This represents a 107% year-over-year increase, driven by the overall recovery in the crypto market. Notably, Ethereum leads the pack with a market capitalization of $273 billion, followed by Solana at $43.3 billion and Cardano at $20.8 billion.
Web3 Venture Capital Funding Declines
The global Web3 venture capital landscape has not fully rebounded. In 2023, CV VC researchers observed declining deals and funding amounts for Web3 firms. There were 1,031 deals totaling $9.8 billion in VC funding, a significant decrease compared to 2022. In Switzerland and Liechtenstein, crypto firms raised $283.5 million across 49 deals in 2023, contrasting with the $964.3 million raised through 93 deals in the previous year.
Switzerland’s Role in the Web3 Space
Despite the funding decline, Switzerland and Liechtenstein continue to play a significant role in the Web3 space, attracting approximately 5% of all Web3 venture capital funding. The two countries are home to over 1,290 Web3 firms, including Cosmos, Internet Computer, Near, Polkadot, and Solana. Mathias Ruch, CEO of CV VC, emphasized Switzerland’s legacy and the contribution of these firms to local and global economies.
Switzerland at the Forefront of Blockchain Adoption
Switzerland and neighboring regions have been at the forefront of blockchain adoption, with notable developments like Lugano accepting Bitcoin and Tether for municipal tax payments. At the time of writing, the native token of Cardano, ADA, is trading at $0.5381, demonstrating a 1.8% price increase over the past 24 hours.