The Swiss blockchain company Crypto Valley Venture Capital (CV VC) propelled its first “Genesis Hub” incubator in Zug on September 20. The company aims to fund and mentor 60 blockchain startups every year. It has already begun with 20 new startups.

CV VC’s three-month kickstart programme’s selected start-ups will each receive $12500 in seed funding. Consequently, the youthful companies will give CV VC a stake in their business of up to 8% in the form of shares or digital tokens.

The consortium has plans to spread its service in different parts of the world, developing global network. It is right now seeking new investors from around the globe to set up future incubators in different countries.CV VC co-founder Mathias Ruch said that the Blockchain technology can be a global phenomenon and that can be useful to expand to expand globally.

Numerous of blockchain companies have ridden the rush of the initial coin offering (ICO) investing boom. This source of funding has produced billions of dollars in previously untapped capital. However, ICOs have likewise been criticized for destroying an extensive chunk of the capital raised from the public because of start-up failures.

Vasiliy Suvorov, CV VC advisor and vice-president of the Crypto Valley Association said, “ICOs will continue to be a useful mechanism, but they will no longer be core to the blockchain economy,” he said. “We have had all the hype about ICOs, and now we need a model that takes all these great technology ideas and brings them into the real economy,” as reported by Swissinfo.

As reported by Cointelegraph, a blockchain consortium was also launched in Zug, Switzerland to support startups and established enterprises. It will help the companies through policy recommendations, initiating and enabling research projects, organizing conferences, hackathons, and other industry events.

Crypto Valley had already funded 600 companies established on home ground as well as foreign lands. These startups include ShapeShift, Bitcoin Suisse and Xapo.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

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