The Swiss Blockchain Association reported that up to 90 percent of all crypto – currency and Blockchain firms in Switzerland, could be within six months, without any Intervention of the government bankrupt. This is due to the continuing COVID-19-Situation, which hampered the activities of the industry strong.
The outbreak of COVID-19 has not only the world economy but also in various branches of industry a devastating impact. British Airways has announced that in the next few months, tens of thousands of jobs, and many countries, including the United States, it is said a recession in advance.
While it is important for a global company like British Airways might be difficult to get back on their feet (although it is a giant in the industry), will be smaller businesses in a more vulnerable position, especially if you are in an emerging industry.
According to the Swiss Blockchain Federation, about 90 per cent of the company, are threatened in the Kryptotal due to the current Situation of bankruptcy.
Many crypto companies, it threatens to
This revelation means that thousands of jobs at risk on a broad Front. Lorenz Furrer, according to the Vice-President of the Swiss Blockchain-Association, could be the Kryptotal very well “the death valley”, if no changes occur.
This Information was determined by the Association, by he turned to the 800 crypto-currency companies in Switzerland and asked how the pandemic have an impact on your business.
According to the survey, between 31. March and 3. April 2020 was carried out, said 80 to 90 percent of the respondents indicated that they will not be in the next six months, probably bankrupt, if the government offers any help.
Blockchain Startup port is a Hit
Switzerland has developed in recent years into a Paradise for Blockchain-companies. Their legislation was for the industry as favorable for the Libra project of Facebook in Switzerland is settled.
The flourishing industry offers up to 4,000 people, many of which are now of uncertain employment conditions are affected. Blockchain and Cryptocurrency Startups could be more vulnerable, because the pandemic has reduced the investments in the world, and young companies do not have enough revenue to on the state loans or to qualify for this.
It is also worth noting that Start-ups at the funding network events and the like are instructed, as well as the Blockchain and crypto currency industry.
The “Crypto Valley Association” was already forced to postpone its annual conference, and a number of similar events within the sector have been postponed due to the outbreak of the disease, or cancelled.