Swiss government reject millions in crypto company bailout. The government of Switzerland has rejected $103 million bailout for cryptocurrency companies affected by the coronavirus hit.
Zug finance director Heinz Taennler made a request for the special funding package in April. He planned to issue out loans to startups, which could be converted into shares. The central government had already unveiled a $158.6 million credit facility for all fintech startups, but Taennler felt that wouldn’t be enough for the cryptocurrency sector’s ambitious financing needs.
The majority of the government officials were reportedly not too enthusiastic about the future of the crypto industry. About 80% of 203 firms surveyed by the Swiss Blockchain Federation recently warned of imminent bankruptcy. Only half of the 50 biggest companies in Crypto Valley expect to last a year in business.