Swiss crypto startups asked for financial assistance

by in Cryptocurrency News

swiss startups coronavirus

Representatives of the "Crypto Valley" of the Swiss Zug are negotiating with the authorities on the creation of a special fund of 100 million francs (about $102 million) to help startups affected by the crisis against the backdrop of coronavirus. It is reported by Bloomberg with reference to local media.

Related: US authorities to discuss taxation with crypto startups

The fund will consist of both private investment and government assistance.

The crisis seriously affected the activities of the cryptocurrency and blockchain companies, as private investors began to stop financing startups. It is reported that of the 50 largest companies operating in Zug, only half said they could survive in such conditions in the coming year.

Earlier on the week, the Swiss government announced it would provide loan guarantees for startups in the amount of 154 million CHF. Nevertheless, this amount of money is not enough, said the financial director of the canton of Zug Heinz Tännler.