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A report compiled by a Swiss venture capital company has revealed that the value of the largest fifty firms operating in the country’s famed Crypto Valley has increased by 680% since July 2020.

The Top 50 Report, from Zug’s Crypto Valley Venture Capital, or CV VC, found the valley’s 50 largest companies have increased in value from $37.5 billion in July 2020 to $254.9 billion as of February 2021.

The report examined firms operating from the Swiss canton of Zug (AKA Crypto Valley) and found the number of blockchain firms in the region increased by 4.4% to 960 since July. Over the same period, the number of employees hired in the digital currency sector in the region increased by 8.5% to 5,184.

Crypto Valley now hosts eleven crypto Unicorns with a valuation of over $1 billion each: Ethereum, Cardano, Polkadot, Aave, Cosmos, Solana, Tezos, Dfinity, Near, Nexo, and Diem (formerly called Libra).

Despite local concerns that the sector would decline amid the coronavirus pandemic, the research found the valley to have weathered the crisis, with CEO and founder of CV VC, Mathias Ruch, stating:

“After entering the Corona crisis in March 2020 with certain fears, we are now confident about the future. The positive development was already apparent in September. New startups are continuously being founded and actively choosing Crypto Valley as their home.”

Switzerland has long comprised a hub of activity for blockchain and crypto startups due to the country’s favorable regulations. The report’s author, Ralf Kubli stated: “Switzerland boasts one of the world’s most advanced Blockchain legislations and has thus created a strong and solid foundation for the future prosperity of Crypto Valley,”

In a September 2020 announcement, it was revealed that Swiss citizens and companies based in Zug will be able to pay up to 100,000 CHF (around $108,750) of their taxes in either Bitcoin or Ethereum from February 2021.