Cryptocurrencies and crypto-related things and technologies have taken the world by storm recently. It has become the hottest area of investment and entrepreneurship over the last few years.
There are quite a few places where the crypto activity is centered around but there’s only one place which is considered the hub of it; it’s Zug, Switzerland. It’s a cluster of companies and foundations in a small town called Zug just outside Zurich.
But of all the places, why Zug?
To answer your question here’s what we found could be the likely reason to call this place the home of cryptos.
Well, Zug is a small town about an hour away from Zurich. Although it was centered around agriculture and heavy industry, it has now grown to accommodate companies like the Shire, AstraZeneca and Johnson, and Johnson.
Many multinationals are attracted to it because of low taxes. It has one of the most business-friendly policies and charges just 14% corporation tax.
Though the place doesn’t scream crypto it sure screams money. You can see it on the roads as luxury cars pass you by and the well-developed modern architecture.
Ethereum brought us here
Back in 2014, when Ethereum decided to shift here, that’s what made it into The Crypto Hub. The Ethereum foundation triggered the setting up of a new ecosystem and soon enough law firms, tax, accounting, smart contract involvement firms, startups, etc., were all moving here.
Switzerland is equipped with skilled workers and a business-friendly environment which makes it the perfect ecosystem for crypto to operate in. Apart from that, it was one of the early adopters, that shows “its commitment to the digital transformation of the city.”
Well, this is one of the most important reasons. The mining rigs produce a lot of heat and many could only be set up in a cold place like Switzerland.
The picturesque view
I mean if you want someplace to be the center then why not keep the aesthetic in mind and choose the most visually appealing place on Earth? The stunning routes with the lush countryside, clear lakes, and picture-perfect postcard views are worth all of it.
Switzerland, in general, is rated one of the top three places to be in. It has a high standard of lifestyle which makes the quality of life there; top-notch.
It is official
It’s no longer an unofficial thing. The Crypto Valley Association was set up at the beginning of 2017 to coordinate all the interested parties. The name had long before been decided upon and all the informal meetups led to this. Now, most of the big conferences to take place there and all the bougee, fancy, parties also take place in this small town.
Zug is Mecca for the cryptocurrency. Although it’s more quiet and serene there, we do wish for it to stay that way.