Polygon & Tether backs Lugano to Become a Blockchain-powered City

Last updated: February 12, 2024 6:07 AM

Published 2022-11-01

Polygon partners with Tether to support Europe’s City of Lugano to become a Blockchain-powered city.

"Blockchain is not just a technical revolution, but a human revolution about our guiding principles as a society." –@sandeepnailwal #Polygon is partnering w/ Tether to support the City of Lugano in becoming a blockchain-powered city 🌆

Thanks for an incredible time @LuganoPlanB https://t.co/Dc2ArBadGx
— Polygon | POL (@0xPolygon) November 1, 2022

Lugano will enable citizens and companies to use Bitcoin, Tether, and the city’s LVGA stablecoin to pay their annual taxes, parking tickets, public services, and student tuition fees, paving the way for cryptocurrencies to become a legal tender in the city.

Polygon joins the initiative as an infrastructure partner, offering the rails on which the stablecoins will run.

Under the Lugano Plan B event, the city will create a specialized hub hosting companies and startups and set up a 100 million Swiss francs ($109 million) fund to help finance blockchain-based startups.

The City of Lugano will also set aside another 3 million Swiss francs to speed adoption by local businesses.

Also Read: El Salvador & Lugano sign MOU to spread Bitcoin Adoption

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