Adrien Treccani, CEO of Swiss cryptocurrency firm Metaco, said that the recent correction in the digital asset market could bring some of the country’s startups out of business. The market crash will have catastrophic consequences for businesses in the industry, with crypto startups expected to enter a new phase within six months.
However, despite the expected collapse, Treccani insists that the elimination will benefit the industry as it will weed out weaker players.
The executive said the current market move is a bust of a bubble that could open up new opportunities. While market movements have affected the outlook for crypto businesses, most startups remain resilient at home. Notably, Switzerland is known for having a strong blockchain industry due to friendly regulations, a situation that is attracting more players into the country.