The Swiss-based consortium Crypto Valley Venture Capital (CV VC) has launched a blockchain incubator with a target of $ 100 million, swissinfo.ch reported on 20 September
CV VC would launch its initial incubator named "Genesis Hub" in the canton of Zug, also known as Crypto Valley in Switzerland. The Crypto Valley Association was founded as a consortium supported by the government in March 2017, with the aim of "supporting the development of blockchain and related cryptographic technologies and activities".
Currently, the incubator includes 20 startup blockchain, although it plans to eventually fund 60 new businesses every year. As part of the initiative, approved startups will complete the three-month VC CV kickstart program, with $ 125,000 as initial funding, while the most favorable projects will receive funding for the next phase. In addition, start-ups will receive support and tutoring from the consortium's technology consultants.
The company's long-term goal is to open 1,000 blockchain companies worldwide each year. In return for CV VC's financial support, startups will have to give them a share of their business up to 8% in the form of digital shares or tokens.
The ambitious CV VC plans also provide for the establishment of similar incubators in other countries and the development of a global network in the coming years. Mathias Ruch, co-founder of CV VC, said that "blockchain technology is a global phenomenon, so we could expand everywhere in the world."
In addition, Ruch believes that Initial Coin Offerings (ICO) together with Initial Public Offerings (IPO) will facilitate the creation of a new financing model for young companies. Vasiliy Suvorov, CV VC consultant and vice president of Crypto Valley Association, supported this vision, stating:
"ICOs will continue to be a useful mechanism but will no longer be essential for the blockchain economy. all the clamor about ICOs, and now we need a model that takes all these great technological ideas and brings them into the real economy. "
Switzerland was ranked the second" most favorable "country for ICOs compiled by analysts associated with the Crypto financial conference in July. The research was based on publicly available data from the top 100 international organizations per country in terms of funds raised and ranked them according to the number of projects launched.