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Swiss Government Rejects Bailout Plan for "Crypto Valley"

Emily Mason

Summary: The Swiss government will not issue a 100 million franc ($103 million) bailout to crypto startups affected by coronavirus, bitcoin.com reports. "Crypto Valley" is in Zug, Switzerland, where finance director Heinz Taennler had planned to use the bailout money to issue loans to companies involved in the area’s blockchain industry. 80% of 203 firms surveyed ...

The Swiss government will not issue a 100 million franc ($103 million) bailout to crypto startups affected by coronavirus, bitcoin.com reports.

"Crypto Valley" is in Zug, Switzerland, where finance director Heinz Taennler had planned to use the bailout money to issue loans to companies involved in the area’s blockchain industry.

80% of 203 firms surveyed by the Swiss Blockchain Federation warned of imminent bankruptcy, according to bitcoin.com.

By Emily Mason

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