TODO: Clean up this lazy LLM cut-and-paste

2013: The Spark and Naming

The concept was initiated by Johann Gevers, a Canadian/South African entrepreneur and early crypto advocate. In July 2013, Gevers relocated his cryptofinance startup, Monetas (a Bitcoin payment system), to Zug, envisioning it as a “global hub for crypto technologies” modeled after Silicon Valley. Gevers identified Switzerland’s decentralized governance, individual rights culture, world-class infrastructure, and top universities (e.g., ETH Zurich) as ideal for decentralized tech. During discussions about the Ethereum Foundation’s setup, Mihai Alisie (Ethereum co-founder and advisor) coined the term “Crypto Valley” in 2014, referring to the Zug-Zurich-Liechtenstein region. This was inspired by the area’s emerging cluster of Bitcoin and blockchain firms, including early consultants and lawyers already present in Zug.

2014: Ethereum’s Arrival and Momentum

The Ethereum Foundation, founded by Vitalik Buterin and others, established operations in Zug with help from Alisie (who had previously set up Ethereum’s base there). Ethereum’s 2014 ICO (initial coin offering) raised over $18 million and became a blueprint for crypto fundraising. Bitcoin Suisse, co-founded by Fabian Hediger, provided advisory services and further solidified Zug’s role. Within three years, around 40 crypto foundations were established in Zug alone—far more than any other Swiss canton—drawn by the supportive regulatory environment from FINMA and local authorities.