Philipp Rickenbacher served as CEO of Julius Baer for five years before leaving the financial institution in February 2024. Today, he follows the fortunes of the private bank from the perspective of «an interested investor», as he told finews during a meeting.

His world, however, has recently changed: since May last year, Rickenbacher has been president of CV VC, a Zug-based venture capitalist specializing in blockchain.

He does not consider the move a major adjustment or even a culture shock. For him, the transition represents a logical continuation – both professionally and strategically. Technology, he says, is one of the dominant drivers of economic and social progress. «Blockchain is part of that, and it is a topic that fascinates me.»

Blockchain at a Decisive Moment

Rickenbacher’s interest in technology goes back a long way. He studied biotechnology at ETH Zurich and spent more than two decades in banking, accompanying several waves of technological transformation – both internally and at the client interface.

Today, he believes that technology and the financial industry have reached a crucial moment. Blockchain, he says, is far more than just bitcoin or cryptocurrencies. As an infrastructure for decentralized data and transactions, it opens up new forms of applications – provided it finds its way into a functioning regulatory framework.

«New technologies take hold when they arrive in the real world and provide institutional security,» he says. In his view, the blockchain sector has now reached exactly that point.

Switzerland Risks Losing Importance

Looking at Switzerland’s financial center, Rickenbacher takes a nuanced yet critical stance. The introduction of DLT legislation at the end of the 2010s was a bold and correct step that laid the foundation for Crypto Valley. Today, however, there is a lack of political momentum and a clear vision of how development should be driven forward collectively.

«While other regions – particularly the United States and the Middle East – are deliberately creating regulatory space for innovation, Switzerland risks a gradual loss of importance,» he says.

In his view, the problem is less about companies moving abroad and more about the opportunity cost—startups that no longer choose Switzerland from the outset. «For founders, Switzerland is today a less attractive location than it was four or five years ago,» Rickenbacher emphasizes. In a global technology field, stagnation effectively means moving backward.

The Three Growth Pillars of CV VC

In his role as president of CV VC, Rickenbacher identifies three central growth pillars.

• First: traditional equity venture capital investments in blockchain and Web3 companies. Unlike many U.S. investors, CV VC deliberately avoids short-term token plays and instead focuses on equity stakes in companies with sustainable value creation.
• Second: the accelerator approach. CV VC systematically supports young companies as they scale, increasingly also acting as a service provider for external protocols, funds and institutions.
• Third: the development of a global ecosystem. CV VC sees itself as a connector between industry, investors, regulators and academia – both in Switzerland and internationally.

Geographically, the focus extends beyond the home market of Switzerland to the United States, the Middle East and Africa. In particular, the United Arab Emirates are positioning themselves, in Rickenbacher’s view, as a technology-friendly hub with clear ambitions. CV VC recently acquired the Abu Dhabi-based accelerator Elixir in order to meet the growing demand for cross-border early-stage acceleration programs for blockchain, artificial intelligence and the digital economy in the UAE.

In Africa – with a location in Cape Town – he also sees significant potential for blockchain applications, particularly in markets with strong digital affinity and limited access to traditional banking services.

«We Are Only at the Beginning»

The banking sector as a whole is in motion. Rickenbacher gives Swiss institutions good marks in international comparison. From a technological perspective, they are well advanced, largely thanks to fully regulated crypto banks and numerous initiatives by established institutions.

«The key now is to build in-house technology expertise – from custody and trading to research and advisory models within a regulated framework.»

From a technological standpoint, however, the real breakthrough has not yet happened. Stablecoins, tokenisation and new applications in the securities sector mark important first steps, but they remain just that.

Blockchain as a Foundational Technology

«Technologies become truly relevant when they are everywhere,» Rickenbacher says. Blockchain has the potential to become such a foundational technology – comparable to databases or cloud infrastructure.

In his view, value creation will not primarily come from tokens but from companies «made of flesh and blood» that develop products, services and sustainable business models. The larger the technological base and the greater the institutional maturity, the more innovation will be possible.

Rickenbacher concludes: «We are only at the beginning of what this technology may become.»