Crypto firms occupy main streets of Davos, even after market crash

DAVOS, Switzerland – Crypto-related technology companies have been active at the annual World Economic Forum in Davos, even after the recent market crash that has wiped out billions of dollars from the digital currency market.

Promenade, a major strip where companies and the government occupy the shops and bars of the forum week, is dominated by crypto companies, located between large corporations such as Salesforce and Facebook-owner Meta.

“It’s a big step for the crypto industry, they’ve always been anti-Davos,” a spokesman told CNBC.

On Sunday, Tether, the company behind Stablecoin USDT, set up a stand to offer free pizza at Promenade for Bitcoin Pizza Day. On May 22, 2010, a programmer bought a pizza using Bitcoin and it was widely seen as the first transaction using cryptocurrency. The day is celebrated every year by the crypto community.

Another representative commented that crypto companies were “scattering cash.”

Non-fungible tokens are a big topic during discussions at the World Economic Forum. RollApp, which runs an NFT store, sets up a location in Davos to promote digital collections.

Arjun Kharpal | CNBC

Fernando Verbunen, co-founder of Rollup, a non-fungible token (NFT) store that occupied a store in Promenade, estimated that about 60% of the street space was owned by crypto-related companies.

“They’re basically occupying Davos,” he said.

Non-fungible tokens are digitally collectible. RollApp is trying to turn real-world resources like cars into NFT.

‘Crazy Weeks’

Circle, one of the companies behind USDC stablecoin, owns a store in Davos Promenade.

Arjun Kharpal | CNBC

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