Switzerland’s Lugano City incorporates Polygon into its payment application
MyLugano Payment App Integrates Polygon (MATIC) PoS
The Swiss city of Lugano, known for its Italian-speaking population, has recently made a significant update to its MyLugano payment app. The update includes the integration of Polygon (MATIC) Proof of Stake (PoS), allowing its 30,000 users to access a multichain cryptocurrency wallet.
A Specialized Section for Experienced Users
The newly integrated section is designed for more experienced cryptocurrency users and provides access to a wallet similar to MetaMask. The first cryptocurrency to be integrated into the app is ckBTC, also known as Crypto Key Bitcoin Tokens. This innovative digital asset is based on the Internet Computer Protocol (ICP) technology, according to MyLugano’s official website.
Access to dApps and Loyalty Circuit
In addition to the multichain wallet, MyLugano also offers its users access to a wide variety of decentralized applications (dApps). It also enables users to benefit from a loyalty circuit using LVGA, Lugano’s own stablecoin. As part of its crypto-focused initiative, Lugano has also launched a new non-fungible token (NFT) collection.
The NFT collection is based on a physical artwork created by Yuri Catania, designed to dissipate over time and turn 2,000 paper flowers into real ones. The art will live on through the MyLugano NFT collection, adding a unique and innovative aspect to the city’s adoption of cryptocurrency technology.
Europe’s Emerging Crypto Hubs
Lugano’s adoption of blockchain technology is part of a larger trend in the Alpine nations of Europe, with Switzerland and its neighboring countries positioning themselves as cryptocurrency hotspots. The Zug canton, for example, made headlines when it allowed its citizens and residents to pay taxes and other public fees using Bitcoin (BTC).
Liechtenstein, nestled between Switzerland and Austria, has been a crypto pioneer since 2019 when it introduced legislation specifically focused on cryptocurrencies. The country has also announced plans to facilitate payments made using Bitcoin, further solidifying its position as a crypto-friendly jurisdiction.
Increased Interest Across Europe
While the Alpine nations have been at the forefront of crypto adoption in Europe, the rest of the continent has also shown increased interest in recent months. The European Central Bank (ECB) has been developing a digital euro, and in Germany, many banks have been seeking crypto custody licenses. DZ Bank and Commerzbank, the country’s third and fourth largest banks, have already obtained these licenses, signaling a growing acceptance of cryptocurrency within the country.
Overall, the adoption of cryptocurrency and blockchain technology continues to grow across Europe, with the Alpine nations leading the way and other countries following suit. This trend reflects the shifting landscape of finance and the increasing relevance of digital assets in the global economy.
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