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...