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HomeCryptoCrypto firms take over main street in Davos, even after market crash

Crypto firms take over main street in Davos, even after market crash

Davos, Switzerland — Cryptocurrency technology companies are still active at the annual World Economic Forum in Davos, even after the recent market collapse that has wiped out billions of dollars in the digital currency market.

Promenade, the main strip where businesses and governments take over stores and bars during the week of the forum, is dominated by cryptocurrency companies located among the following major companies: Salesforce And Facebook owners Meta..

“This is a big step for the crypto industry. They have always been anti-Davos,” one representative told CNBC.

On Sunday, the company behind stablecoin USDT, Tether, set up a stand to distribute free pizza to the promenade. Bitcoin Pizza Day.. On May 22, 2010, a programmer used Bitcoin to buy a pizza. This is widely regarded as the first transaction using cryptocurrencies. This day is celebrated annually by the crypto community.

Another representative said the crypto company is “splashing cash.”

Non-fungible tokens are a big topic in the discussion at the World Economic Forum. RollApp, which operates an NFT store, has set up a location in Davos to promote digital collections.

Arjun Kharpal | CNBC

Fernando Verboonen, co-founder of RollApp, a non-fungible token (NFT) store that took over the Promenade shop, estimated that about 60% of the street venues were crypto companies.

“They are basically hijacking Davos,” he said.

Non-fungible tokens are digital collectibles. RollApp is trying to turn real-world assets such as automobiles into NFTs.

“Crazy weeks”

Despite the recent market crash, the industry’s strong show in Davos is coming. Last month, more than $ 500 billion was wiped out of the crypto market. The collapse of Stablecoin terraUSD has sent a shock wave to the entire industry..

People in Davos seem to have promised to take over the space of the Alpine Ski Resort’s promenade before the recent market decline.

“It’s been crazy for a few weeks with cryptocurrencies. We promised to come here long ago, but that didn’t change. We’re in a position to withstand the bear market and we have Brulan again. Clifford Sarkin, COO of blockchain startup Casper Labs, told CNBC.

Circle, one of the companies behind USDC Stablecoin, has taken over one of the shops in Davos Promenade.

Arjun Kharpal | CNBC

Casper Labs has blockchain products for business. Blockchain has become more prominent in Bitcoin, but its definition is expanding. Proponents say this is effectively a shared ledger of activities that can support applications in businesses such as cross-border remittances.

Sirkin said the crash was positive for a company like him that focuses on selling blockchain to corporate customers rather than consumers.

“It’s easier to do business with the bear cycle. Many people who have been trying to make money with cryptocurrencies since last year are now gone because they say they’re dead, but for a while. It’s out of the space and we’ll be doing real business. “

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