Switzerland City Integrates Polygon into Crypto Payment System
23 Nov, 2023 ● Coin news
The economic hub of southern Switzerland's Italian-speaking region, Lugano, plans to incorporate the Polygon proof-of-stake (PoS) protocol into its cryptocurrency-friendly payment app, MyLugano.
The Nov. 22 announcement on Polygon Labs' website states that a multichain digital wallet for personal custody is a feature of the updated MyLugano version.
"Several tokens" have already been integrated into this app section, according to the press release, and more are planned.
Polygon, a network provider with $5 billion in secured assets that powers tens of thousands of decentralized applications, has partnered with the Swiss city since at least 2022.
It then started working with the city's stablecoin, LVGA, as an infrastructure partner.
The announcement states that MyLugano is also introducing a brand-new nonfungible token collection honoring the creations of artist Yuri Catania.
This is an NFT rendition of a piece that is 8 meters high and 40 meters long that is painted on the Palazzo dei Congressi wall. On the Polygon network, the artwork will undergo tokenization.
Lugano is a global leader in the adoption of cryptocurrencies. Developed in partnership with stablecoin issuer Tether, the MyLugano app assists 30,000 users—nearly half of the city's population—in making digital currency payments to small and medium-sized local traders.
As part of their plan to “become a major European blockchain hub,” Lugano and Tether established a Center of Excellence for Blockchain Adoption in March 2022.
The city government intends to soon allow businesses and residents to pay taxes using cryptocurrencies.The ultimate objective is to accept cryptocurrency, just like fiat money, as payment for all goods and services.
Sources:
https://cointelegraph.com/news/lugano-integrates-polygon-crypto-payment-system
https://polygon.technology/blog/city-of-lugano-upgrades-payment-app-to-add-polygon-pos
