The Swiss crypto valley is preparing for difficult months after the FTX disaster but is hoping for a “reset” to get back on a healthy footing. It wants to be Silicon Valley's little sister for everything that revolves around the blockchain.

Helped by the pragmatism of the federal government, which wanted to regulate cryptocurrencies, cryptocurrency startups have multiplied. The government plans to make the country a pioneer in blockchain and cryptoassets for the financial sector. In reality, the collapse in late 2022 of the cryptocurrency lending company Genesis and the cryptocurrency exchange FTX caused panic in the sector, although cryptocurrencies have since begun to recover. According to Dirk Klee, the boss of Bitcoin Suisse, “a lot happened in 2022.” Dirk Klee cited the collapse of the stable token Terra Luna, the bankruptcy of the cryptocurrency investment platform Celsius, and the liquidation of the Three Arrows Capital fund.

For him, these shocks have “exposed the weaknesses of some companies in a sector that is still very young, but this is not due to a defect in technology, but to poor managerial management.” Some 450 billion dollars evaporated in the financial market tremors triggered by Terra Luna, according to a study by the Bank for International Settlements. Losses are estimated at 200 billion in the wake of FTX.