Zug is famous for being the crypto capital in Europe. Often dubbed as the Crypto Valley, many cryptocurrency and blockchain-related companies have chosen Zug as their main operation headquarters. However, the ongoing COVID-19 pandemic has hit them really hard. Many of these crypto companies in Switzerland are now facing very real bankruptcy threats.
The federal government in Switzerland had announced a $158.6 million credit opportunity to help fintech startups facing coronavirus issues, but apparently, the same government also rejected the bailout requests from the cryptocurrency sector. It’s believed that the Swiss government is not very optimistic about crypto's long-term future.
