Swiss Crypto Report

Swiss Crypto & Blockchain Industry Report 2024

Regulation, Innovation, and Institutional Adoption in Crypto Valley

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About the Author

Kalyanjit Hatibaruah

Kalyanjit Hatibaruah

Technology Management Professional & Blockchain Advisor

Mr. Kalyanjit Hatibaruah is an accomplished technology management professional with diverse experience across multidisciplinary domains. He is a well-known public speaker on Web3, Metaverse, Artificial Intelligence, and the startup ecosystem. As Chairman of Flugelsoft Group, he oversees companies in various tech and management fields. His extensive experience spans E-commerce, Distributed Applications, AI/ML, and Web3. Recognized as a pioneer in Blockchain Applications, Mr. Hatibaruah advises and leads tech teams in financial projects involving Blockchain and Tokenization.

Blockchain & Web3 Expertise

Mr. Hatibaruah's deep understanding of emerging technologies positions him as a key advisor for organizations navigating the complex blockchain and Web3 landscape. His expertise includes:

  • Blockchain Applications & Tokenization Strategy
  • Web3 & Metaverse Integration
  • Decentralized Finance (DeFi) Consulting
  • AI & Machine Learning in Blockchain Contexts
  • Distributed Application Architecture
  • Startup Mentoring & Investment (Web3, Blockchain, AI, Deeptech)
  • Technology Management & Consulting

He is also an Angel Investor, mentors startups at numerous incubators (including T-Hub, IIT Madras, IIM Kozhikode) focusing on Web3, AI, and Blockchain, and hosts the "Web3 Unleashed" podcast.

Education

BTech in Electronics & Communication from NIT Kurukshetra, Haryana
MBA from Pune University

1. Executive Summary

Switzerland solidified its position as a premier global hub for blockchain and cryptocurrency innovation in 2024, widely recognized as Crypto Valley. The ecosystem demonstrated remarkable resilience and growth, with the cumulative valuation of its top 50 entities surging over 55% to reach $593 billion. This vibrant landscape now hosts 17 unicorn companies, valued at over $1 billion each, primarily driven by token market capitalization but also including privately valued firms like Sygnum and 21.co. Investment activity remained robust, attracting $586 million across 56 deals, representing 29.1% of all European blockchain funding and outpacing the global growth rate. The median deal size significantly increased by 70% to $5.6 million, well above the global average, with Zug remaining the geographical heart of investment, securing 42% of the total funding.

Several key trends defined the Swiss crypto and blockchain sector in 2024. Institutional adoption continued its strong trajectory, with established financial players like PostFinance, Arab Bank Switzerland, and Julius Bär expanding their crypto service offerings alongside regulated crypto-native banks such as AMINA (formerly SEBA) and Sygnum. Services range from trading and custody to staking and lending, complemented by a growing number of crypto-linked Exchange Traded Products (ETPs) available on the SIX Swiss Exchange. The development and regulation of Swiss Franc (CHF) stablecoins emerged as a significant focus area. While some early projects were discontinued, new initiatives like ACHF and ZCHF gained traction, supported by evolving regulatory guidance from FINMA (Guidance 06/2024). The Swiss Banking Association acknowledges the potential benefits for payments and DeFi but underscores the need for a clear, secure framework to mitigate risks. DeFi growth was evident in funding trends, with the sector’s share of Crypto Valley investment more than doubling from 7% in 2023 to 15% in 2024. Finally, Switzerland maintained its proactive approach to regulatory updates, leveraging the fully implemented DLT Law which provides legal certainty for DLT-based securities and regulated trading facilities. FINMA continues to apply its principle-based, technology-neutral approach, adapting existing financial market laws (Banking Act, FMIA, AMLA) based on specific activities and token classifications (payment, utility, asset), while emphasizing that Swiss entities targeting EU clients must also navigate the requirements of MiCAR.

2. Swiss Crypto Market Overview

A. Market Size & Key Metrics

Switzerland’s Crypto Valley demonstrated significant growth and resilience in 2024, solidifying its position as a global cryptocurrency capital. The combined valuation of the top 50 blockchain projects based in the region reached $593 billion, marking an increase of over 55% compared to the previous year. This ecosystem now boasts 17 unicorn companies, defined as entities valued at over $1 billion. This includes major protocols with large token market capitalizations like Ethereum (ETH), Solana (SOL), Cardano (ADA), Polkadot (DOT), and Cosmos (ATOM), as well as privately valued firms such as Copper.co, 21.co, and Sygnum.

Investment activity remained strong, with Crypto Valley attracting $586 million across 56 funding deals in 2024. This represents a significant 29.1% share of all European blockchain funding during the period. The median deal size saw a substantial 70% increase, reaching $5.6 million, considerably higher than the global median of $4 million, indicating strong investor confidence and larger commitments to Swiss-based projects. Geographically, the canton of Zug remains the epicenter of investment, securing 42% ($245.89 million) of the total funding, followed by Zurich (34.7%) and Liechtenstein (17.1%).

Sector-wise, funding trends showed a notable shift. Investment into Decentralized Finance (DeFi) projects more than doubled its share, growing from 7% in 2023 to 15% in 2024. Similarly, the data management and verification sector saw significant growth, increasing its share from 3.5% to 11%. This suggests a maturing market moving beyond speculative investments towards projects with tangible utility and infrastructure focus.

(Source: CryptoNinjas, Jan 21, 2025 - https://www.cryptoninjas.net/news/switzerlands-crypto-valley-achieved-a-valuation-of-593-billion-with-17-unicorns/)

B. Major Players

Switzerland’s crypto ecosystem is characterized by a diverse range of players, from established financial institutions embracing digital assets to innovative blockchain foundations and venture capital firms fueling the next wave of development. Key players include regulated crypto banks, major blockchain protocols, and specialized investment firms.

AMINA Bank (formerly SEBA Bank): Established in 2019 and rebranding from SEBA Bank in December 2023, AMINA Bank was one of the first FINMA-regulated institutions offering integrated crypto and traditional banking services in Switzerland. Its mission is to bridge the gap between digital and traditional assets for professional investors, companies, family offices, and institutions. AMINA provides a comprehensive suite of services, including banking, crypto custody, trading, staking, and Crypto-as-a-Service solutions. It holds a full Swiss banking and securities dealer license from FINMA and received approval-in-principle for Hong Kong crypto services in 2023. AMINA is recognized as one of Crypto Valley’s unicorn companies based on private valuation. (Source: AMINA Group Website, May 2025)

Sygnum Bank: A global digital asset banking group founded on Swiss and Singaporean heritage, Sygnum was the world’s first digital asset bank. Regulated by FINMA in Switzerland and also operating in Singapore, its mission is to enable trusted ownership of crypto assets. Sygnum offers a comprehensive suite of services including 24/7 crypto trading (BTC, ETH, etc.) with fiat gateways (CHF, USD, EUR, SGD), integrated staking for yield generation, bank-grade custody for various digital assets, crypto-backed lending, brokerage, and B2B solutions that enable other banks (reportedly over 20) to offer regulated crypto services. Sygnum is also recognized as a Crypto Valley unicorn based on private valuation and raised significant funding in 2024. (Source: Sygnum Bank Website, May 2025)

Julius Bär: A leading Swiss private bank, Julius Bär caters primarily to high-net-worth individuals, offering them access to the digital asset class. Their services include direct investment (trading, execution, custody) in a curated selection of cryptocurrencies chosen for reliability and safety, as well as indirect investment options like ETPs and structured products. They provide secure custody solutions (initially partnering with AMINA/SEBA) and advisory services through relationship managers, supported by research and analysis. Julius Bär announced its crypto services around May 2022 and has been actively hiring crypto expertise, signaling a commitment to the space. They were also reportedly exploring expanding these services to Dubai in mid-2023. (Sources: Julius Baer Website Snippet, Finews.com, Forbes India, CoinDesk, Bitcoin Magazine, May 2025)

DFINITY Foundation: A Swiss-based not-for-profit organization headquartered in Zürich, DFINITY is the primary contributor to the Internet Computer (ICP) blockchain. Its mission is to develop technology for a decentralized internet alternative. The Internet Computer aims to run at web speed, host secure services directly via smart contracts, and scale compute capacity infinitely using novel “chain-key cryptography”. It is governed by a protocol-integrated DAO called the Network Nervous System (NNS). DFINITY boasts a large R&D team (over 200 scientists/engineers) and supports the ecosystem through grants and hackathons. The Internet Computer (ICP) token market capitalization places it among the Crypto Valley unicorns. (Source: DFINITY Website, May 2025)

Polkadot / Web3 Foundation: The Web3 Foundation (W3F), established in Zug by Ethereum co-founder Dr. Gavin Wood, is a non-profit organization dedicated to nurturing decentralized web technologies. Its flagship project is Polkadot (DOT), a sharded blockchain protocol designed for interoperability, enabling different blockchains to connect and communicate securely. Polkadot aims to provide a foundation for Web 3.0, a decentralized internet where users control their data. W3F supports the ecosystem through grants (e.g., a $45M program in Nov 2023), research, and development. Polkadot is governed by its token holders (DOT) via on-chain mechanisms. W3F also supports Kusama (KSM), Polkadot’s experimental network. Polkadot (DOT) is listed as a Crypto Valley unicorn based on its token market capitalization. (Sources: Web3 Foundation Website, Polkadot Website, May 2025)

Cosmos / Interchain Foundation: The Interchain Foundation (ICF), a Swiss non-profit based in Zug, stewards the Cosmos ecosystem, often called the “Internet of Blockchains”. Its mission is to foster an interoperable, sustainable, and community-owned decentralized ecosystem. ICF funds the development and maintenance of foundational protocols like the Inter-Blockchain Communication protocol (IBC), which enables different blockchains to connect. The Cosmos network consists of sovereign blockchain apps and services built using the “Interchain Stack”. ICF supports the ecosystem through grants, investments, and developer programs. Cosmos (ATOM), the primary token of the Cosmos Hub, is listed as a Crypto Valley unicorn based on its market capitalization. (Sources: Interchain Foundation Website, Cosmos Website, CoinDesk, Medium, May 2025)

Crypto Finance AG: A key player in institutional digital asset services since 2017, Crypto Finance AG is now part of the Deutsche Börse Group. Headquartered in Switzerland and regulated by FINMA, it also operates a BaFin-licensed subsidiary in Germany. Crypto Finance provides a comprehensive platform for institutional clients, offering brokerage, asset management (including being the first FINMA-approved manager of collective digital assets), secure custody, and infrastructure solutions. They are actively preparing for MiCA compliance in Europe. (Sources: Crypto Finance Website, Crunchbase, Bloomberg, May 2025)

BlueYard Capital: A Berlin-based venture capital firm, BlueYard focuses on early-stage (Seed, Series A) European tech startups building the “fabric of the future.” This includes investments in crypto networks alongside computation, software, engineering, and biology. While not Swiss-based, their focus on decentralizing technologies and investment in European crypto projects makes them a relevant player in the broader ecosystem influencing Swiss startups. They typically make initial investments of $1-3 million. (Sources: Blueyard.com snippet, Dealroom.co, EU-Startups, CryptoFundResearch, EarlyNode, May 2025)

3. Swiss Crypto Regulations (FINMA & Beyond)

Switzerland has established itself as a leading jurisdiction for blockchain and cryptocurrency activities, characterized by a proactive and principles-based regulatory approach. Rather than creating entirely new laws specifically for crypto, Swiss authorities, primarily the Swiss Financial Market Supervisory Authority (FINMA), have largely adapted existing financial market legislation to accommodate digital assets, focusing on the underlying economic function and purpose of tokens and the activities performed.

A. Licensing & Compliance

FINMA’s regulatory framework hinges on the classification of tokens and the specific activities undertaken by service providers. The authority categorizes tokens into three main types: Payment Tokens (cryptocurrencies like Bitcoin or Ether, intended as means of payment), Utility Tokens (providing access to a digital application or service), and Asset Tokens (representing assets such as debt or equity claims, akin to traditional securities). Hybrid tokens combining features of these categories also exist. This classification determines the applicable regulatory requirements.

Licensing Requirements: Operating a business model involving cryptoassets in Switzerland necessitates a careful assessment of potential licensing obligations under Swiss financial market law. While simply buying, selling, or using cryptoassets for payments generally does not require a specific license for individuals or merchants, providing financial services involving cryptoassets often does.

VASP Licenses: While the term Virtual Asset Service Provider (VASP), as defined by the Financial Action Task Force (FATF), is relevant in the context of AML regulations (like the Travel Rule), Switzerland does not have a distinct “VASP license” category separate from the existing financial market licenses (Banking, FinTech, Securities Firm, DLT Trading Facility). Compliance is determined by the specific activity performed, aligning with the principle of “same business, same risks, same rules”. Notably, AMINA Bank AG (formerly SEBA Bank AG) and Sygnum Bank AG were pioneers, receiving banking and securities dealer licenses from FINMA specifically for digital asset services in August 2019.

DLT Law Updates: The Swiss DLT Law, which fully entered into force on August 1, 2021, represents a significant step in providing legal certainty for blockchain applications. It amended several existing federal acts to: * Introduce legally recognized DLT Securities (Uncertificated Securities registered on a DLT Register), allowing for secure transfer of rights on-chain. * Establish the DLT Trading Facility license category under FMIA, creating regulated venues for trading DLT securities. * Clarify the legal segregation of crypto-based assets in case of bankruptcy. * Adapt AML regulations to cover decentralized trading platforms.

Travel Rule Implementation: Switzerland fully implemented the FATF’s Travel Rule for Virtual Asset Service Providers (VASPs) in January 2023. FINMA requires Swiss VASPs to collect, verify, and transmit information about the originator and beneficiary of virtual asset transfers, applying a CHF 0 threshold (stricter than the FATF’s EUR/USD 1,000 recommendation) for identifying information, although transmission is required only above CHF 1,000 for unhosted wallets. Compliance solutions like Travel Rule Universal Solution Technology (TRUST), co-developed by Sygnum, are used by Swiss VASPs.

MiCA Implications: While Switzerland is not part of the EU, the EU’s Markets in Crypto-Assets (MiCA) regulation, coming into effect in 2024/2025, will impact Swiss firms targeting EU clients. These firms will need to comply with MiCA’s requirements, potentially establishing an EU presence or adhering to reverse solicitation rules. FINMA is monitoring MiCA’s implementation and potential impacts on Swiss competitiveness.

(Sources: FINMA Guidance 02/2019, FINMA ICO Guidelines, FINMA FinTech Licence Info, FINMA DLT Trading Facility Info, Swiss DLT Act, Sygnum Travel Rule Article, Deloitte MiCA Article, MME MiCA Article, May 2025)

B. Taxation

Switzerland’s approach to crypto taxation is generally considered favorable, treating cryptocurrencies primarily as assets rather than currencies for tax purposes. Taxation depends on whether the holder is an individual or a legal entity, and whether activities constitute private asset management or professional trading.

Individuals: * Wealth Tax: Cryptocurrencies held by Swiss resident individuals are subject to cantonal wealth tax. They must be declared in the annual tax return, valued at their market price (usually based on year-end exchange rates provided by the Swiss Federal Tax Administration - SFTA). * Income Tax (Capital Gains): Capital gains realized from the sale of cryptocurrencies held as private assets are generally tax-exempt for individuals. However, if the activity qualifies as professional securities dealing (based on criteria like frequent trading, high volume, use of debt financing, etc.), the gains become subject to income tax. * Income Tax (Staking/Mining/Yields): Income generated from activities like staking, lending, mining, or receiving airdrops is typically considered taxable income for individuals at the time of receipt, valued at market price.

Legal Entities: * Corporate Income Tax: Profits realized by Swiss companies from holding, trading, or using cryptocurrencies are subject to federal and cantonal corporate income tax. This includes capital gains, which are not tax-exempt for companies. Accounting treatment (e.g., valuation under Swiss Code of Obligations) is crucial. * Capital Tax: Cryptocurrencies held by companies contribute to their taxable equity, which is subject to cantonal capital tax.

Value Added Tax (VAT): * The SFTA generally considers cryptocurrencies like Bitcoin as means of payment. Therefore, exchanging them for fiat currency (or vice versa) or using them to pay for goods/services is typically exempt from VAT. * Services related to cryptoassets (e.g., brokerage, custody, advisory) may be subject to VAT depending on the nature of the service and the location of the recipient.

Withholding Tax: Currently, there is generally no Swiss withholding tax applicable to income from cryptocurrencies (e.g., staking rewards) held by individuals. However, income from tokens classified as bonds or shares (Asset Tokens) could potentially trigger withholding tax.

Tax regulations can vary slightly between cantons, and the classification of specific tokens or activities can be complex. Seeking professional tax advice is recommended.

(Sources: SFTA Guidance, KPMG Switzerland Tax Report 2024, PwC Switzerland Crypto Tax Guide, BDO Switzerland Crypto Tax Info, May 2025)

4. Institutional Adoption in Switzerland

Institutional adoption of cryptocurrencies and blockchain technology continued to accelerate in Switzerland throughout 2024, driven by regulatory clarity, sophisticated infrastructure, and growing demand from traditional finance players and their clients. Switzerland’s established financial center reputation, combined with its early embrace of digital assets, has positioned it as a key hub for institutional crypto activities.

A. Crypto Banking

Switzerland stands out globally for having fully regulated banks dedicated to digital assets operating alongside traditional banks expanding into the space.

(Sources: AMINA, Sygnum, PostFinance, Julius Baer, Swissquote websites/news, Finews.com, May 2025)

B. Asset Management & Custody

The demand for institutional-grade custody and asset management solutions for digital assets has spurred significant development in Switzerland.

(Sources: SIX Group, 21Shares, Crypto Finance, Taurus websites/news, Finance Magnates, ETF Express, May 2025)

5. Swiss Blockchain Startups & DeFi Ecosystem

Switzerland, particularly the Crypto Valley region centered around Zug, remains a fertile ground for blockchain startups and a significant hub for Decentralized Finance (DeFi) innovation. The combination of a supportive regulatory environment, access to talent, established financial infrastructure, and a strong network effect continues to attract founders and investment.

A. Top Swiss Crypto Startups

Identifying the “top” startups is dynamic, but based on funding, technology, and market impact in 2024, several categories stand out:

(Sources: Crypto Valley VC Reports, CryptoNinjas, Startup Ticker CH, May 2025)

B. DeFi & Privacy Coins

(Sources: CryptoNinjas, FINMA Guidance, AMLA, May 2025)

6. Challenges & Risks

Despite its leading position, the Swiss crypto and blockchain industry faces several challenges and risks that could impact its future growth and competitiveness.

Banking Access for Startups: While Switzerland boasts regulated crypto banks, many blockchain startups, particularly those in earlier stages or dealing with innovative but complex models (like DeFi or NFTs), still report difficulties accessing basic banking services from traditional institutions. Banks often perceive crypto-related businesses as high-risk due to regulatory uncertainty (despite Swiss clarity), AML concerns, and the volatility of the underlying assets. This “de-risking” can stifle innovation and force startups to seek banking relationships in less stringent, but potentially riskier, jurisdictions. Efforts by industry associations and some forward-thinking banks (like Hypothekarbank Lenzburg) aim to bridge this gap, but it remains a persistent challenge.

(Source: Swiss Blockchain Federation Reports/Statements, Finews.com articles, May 2025)

Regulatory Hurdles (Travel Rule & Beyond): While generally supportive, Swiss regulation also presents hurdles. FINMA’s strict implementation of the FATF Travel Rule, with its CHF 0 threshold for identification and low threshold (CHF 1,000) for transmission to unhosted wallets, imposes significant compliance burdens on VASPs. Managing the risks associated with privacy coins and decentralized platforms (DeFi) under existing frameworks also requires sophisticated compliance capabilities. Furthermore, the evolving international regulatory landscape, particularly the EU’s MiCA, requires Swiss firms serving international clients to navigate multiple regimes, adding complexity and cost.

(Sources: FINMA Guidance, Sygnum Travel Rule Article, MME MiCA Article, May 2025)

Competition from Other Hubs: Switzerland faces increasing competition from other jurisdictions vying to become leading crypto hubs. Regions like Dubai (UAE), Singapore, Hong Kong, and potentially post-MiCA EU member states are actively developing their regulatory frameworks and offering incentives to attract crypto businesses. While Switzerland benefits from its established financial reputation and early-mover advantage, it needs to continually adapt and innovate to maintain its competitive edge, particularly regarding talent attraction, tax competitiveness (though currently favorable), and fostering a supportive environment for cutting-edge innovation like DeFi.

(Sources: Various industry reports comparing global crypto hubs, e.g., PwC, KPMG, May 2025)

7. Future Outlook (2024-2025)

The future outlook for Switzerland’s crypto and blockchain industry remains positive, driven by ongoing institutional adoption, regulatory clarity, and technological innovation. However, the landscape is dynamic, with several key trends and potential developments shaping the near future (2024-2025).

Swiss Franc (CHF) Stablecoins: The development and adoption of CHF-backed stablecoins represent a significant trend. While early projects like Bitcoin Suisse’s CryptoFranc (XCHF) were discontinued, new initiatives such as Anchored Coins’ ACHF and the DeFi-focused Frankencoin (ZCHF) have emerged. FINMA provided updated regulatory guidance (Guidance 06/2024) in July 2024, particularly concerning AML aspects. The Swiss Banking Association (SBA) acknowledges the potential benefits of a trusted CHF stablecoin for payments, settlement, and DeFi, citing potential efficiency gains. However, the SBA also highlights risks like bank disintermediation, monetary policy impacts, and financial stability concerns, emphasizing the need for a clear legal framework, robust asset backing, and stakeholder consensus (including the SNB) before widespread adoption. Ensuring stability, security, and trustworthiness will be paramount. (Sources: SBA, Bitcoin Suisse, Chambers, ti&m, Anchored Coins, Frankencoin, May 2025)

Central Bank Digital Currency (CBDC) - Project Helvetia: Switzerland, through the Swiss National Bank (SNB) in collaboration with the BIS Innovation Hub and SIX (the Swiss financial infrastructure operator), is actively exploring the use of wholesale CBDC (wCBDC) for settling tokenized assets. Project Helvetia, now in its extended third phase (running until at least mid-2026), involves piloting the issuance of real CHF wCBDC on the SIX Digital Exchange (SDX). This allows participating financial institutions to settle primary and secondary market transactions of tokenized securities using central bank money directly on a DLT platform. The project aims to test the efficiency and safety of integrating wCBDC into the financial system’s plumbing. While the focus remains firmly on wholesale applications (interbank settlements), the SNB remains cautious about introducing a retail CBDC for the general public in the near term. The successful continuation of Project Helvetia lays crucial groundwork for the future of tokenized financial markets in Switzerland. (Sources: BIS, SNB, SIX, Reuters, May 2025)

Institutional Bitcoin ETPs/ETFs: Switzerland, particularly through the SIX Swiss Exchange, continues to be a global leader in regulated crypto Exchange Traded Products (ETPs). Unlike regions where UCITS rules might hinder direct crypto holding in ETFs, Switzerland’s framework allows for fully collateralized ETPs, offering secure and regulated access for both institutional and retail investors. Trading volumes have been substantial, exceeding CHF 3 billion in a single week in late 2024. The market is poised for continued growth, significantly boosted by the entry of major players like BlackRock, which launched its Swiss-domiciled iShares Bitcoin ETP in Europe in March 2025. This move signals strong institutional confidence and is expected to spur further product development and competition, including potential fee pressure. Beyond Bitcoin and Ethereum, the market is diversifying with ETPs covering other assets and strategies, such as staking ETPs (e.g., Bitwise Aptos Staking ETP). The availability of these regulated products from established issuers is a key facilitator for broader institutional adoption of crypto assets within traditional investment portfolios. (Sources: SIX Group, Finance Magnates, ETF Express, Bitwise, May 2025)

8. Appendices & Data Tables

A. List of FINMA-licensed crypto firms

This list includes selected firms identified from FINMA’s public lists of authorized banks, securities firms, and FinTech license holders (as of May 2025) that are known to be active in the crypto/blockchain space. It is not exhaustive and licensing status can change.

Source: FINMA Authorised Institutions Lists (Accessed May 02, 2025 via downloaded PDFs: finma_banks_securities.pdf, finma_fintech_licenses.pdf)

Banks with Crypto Services (Banking Licence):

Securities Firms (Securities Firm Licence):

FinTech Licence Holders (Art. 1b BA):

These firms hold the specific FinTech licence, allowing them to accept public deposits up to CHF 100 million without operating like a traditional bank. Their specific involvement in crypto may vary.

B. Swiss crypto events calendar (2024)

This calendar highlights some key crypto and blockchain-related events that took place or were scheduled in Switzerland during 2024. It is not exhaustive.

Sources: Web search results (Accessed May 02, 2025)

C. Glossary of Swiss Crypto Terms

This glossary defines key terms relevant to the Swiss crypto and blockchain industry as used in this report.

Sources: FINMA documentation, Swiss legislation, industry reports, web search results (Accessed May 02, 2025)