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Cardano-Backed SingularityNET Sets Up Shop In Switzerland’s Zug For AI Advancements

  • February 10, 2024

SingularityNET (SNET), a decentralized artificial intelligence (AI) marketplace powered by the Cardano (ADA) network, has recently established its foundation in Switzerland, specifically in Geneva, within the renowned “Crypto Valley” in Zug.

SingularityNET Joins Switzerland’s Crypto Valley

According to the company’s announcement, this move aims to catalyze the development of new use cases within the ecosystem, expand its global community to European countries, and foster research and development projects. 

Founder and CEO of SingularityNET, Ben Goertzel, highlighted that the foundation’s establishment aligns with the Web3 vision of creating a “decentralized and democratic paradigm” that effectively addresses the challenges of the modern world. 

Goertzel emphasized that relocating to Zug underscores the platform’s dedication to operating with “utmost transparency” and adhering to the country’s compliance standards.

In collaboration with STORM Partners, a Swiss professional services firm focusing on Web3, SingularityNET has moved its foundation from Amsterdam, Netherlands, to Switzerland.

Switzerland was chosen as its new base based on several factors, including the country’s state-of-the-art infrastructure, location, and progressive regulatory landscape for Web3 development. 

According to the company, Switzerland provides an “ideal environment” to promote SNET’s values of decentralization, democracy, and inclusiveness further across its organization.

Ethereum, Solana, And Cardano Boost Swiss Crypto Projects To $383B Valuation

According to recent reports, crypto projects based in Switzerland and Liechtenstein have experienced a significant surge in value, reaching a combined valuation of $383 billion. This represents a 107% year-over-year increase, driven by the overall recovery in the crypto market.

Notably, Ethereum leads the pack with a market capitalization of $273 billion, followed by Solana at $43.3 billion and Cardano at $20.8 billion. 

However, the global Web3 venture capital landscape has not fully rebounded. In 2023, CV VC researchers observed declining deals and funding amounts for Web3 firms. 

There were 1,031 deals totaling $9.8 billion in VC funding, a significant decrease compared to 2022. In Switzerland and Liechtenstein, crypto firms raised $283.5 million across 49 deals in 2023, contrasting with the $964.3 million raised through 93 deals in the previous year.

Despite the funding decline, Switzerland and Liechtenstein continue to play a significant role in the Web3 space, attracting approximately 5% of all Web3 venture capital funding. The two countries are home to over 1,290 Web3 firms, including Cosmos, Internet Computer, Near, Polkadot, and Solana.

Mathias Ruch, CEO of CV VC, emphasized Switzerland’s legacy and the contribution of these firms to local and global economies. Switzerland and neighboring regions have been at the forefront of blockchain adoption, with notable developments like Lugano accepting Bitcoin and Tether for municipal tax payments.

Cardano
Cardano’s ADA price increased on the daily chart over the past 24 hours. Source: ADAUSDT on TradingView.com

At the time of writing, the native token of Cardano, ADA, is trading at $0.5381, demonstrating a 1.8% price increase over the past 24 hours.

Featured image from Shutterstock, chart from TradingView.com

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