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Switzerland Denies $103 Million of COVID-19 Relief for Crypto Valley

Published 05/25/2020, 12:52 PM
Updated 05/25/2020, 03:20 PM
Switzerland Denies $103 Million of COVID-19 Relief for Crypto Valley

The Swiss government has denied a 100 million franc request by the Canton of Zug for use in keeping local crypto companies afloat, according to local newspaper Tages-Anzeiger. Zug’s finance director Heinz Taennler initiated support for the financial package earlier in April to support local blockchain companies affected by the COVID-19 pandemic, but the answer he’s getting isn’t the one he wanted.

The Crypto Valley bailout was reportedly the only one out of “around two dozen” COVID-related applications to be rejected by the federal government. Local crypto firms will have to make do with a 15 million Swiss franc loan ($15.4 million) announced earlier today by the canton of Zug. Apparently “more than two thirds” of crypto startups that applied for a wider federal COVID-19 guarantee loan allegedly failed to receive it...

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