Tether Set to Transform Lugano into the European Hub of Bitcoin

Today, Tether announced via Twitter their collaboration with the Swiss City Lugano in a move to convert the city into the European Bitcoin capital, terming the city as it’s Plan B.

From the released statement, Tether is making a bold economic move in the city’s financial sector by introducing and promoting Blockchain Technology. The collaboration has been met with a lot of enthusiasm, and many are curious about the features and details of this alliance.

Lugano possesses a distinct attribute as a potential blockchain hub as it is the ninth-largest Swiss city and also happens to be one of the most popular tourist destinations in the country.

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The city is not new in it’s interaction with Blockchain Technology as it was declared a crypto-friendly city back in November 2021. Furthermore, there was the launch of the Lugano blockchain around the same time, dependent on a Proof of Authority consensus mechanism.

In the words of the Mayor,

We have always followed the development of new technologies very closely, and we have identified blockchain as a topic of great interest for both multinational and local companies, citizens and businesses. We believe that a city must be at the service of its citizens. With these initiatives, we intend to place Lugano as a top-level player on the international scene, for all applications related to this technology.

No doubt, this declaration aligns with Tether’s objective, as referenced in their tweet that Bitcoins and Stablecoins are here to bring revolution in the financial sector.

This alliance positions Lugano as one of the top cities in the Blockchain ecosystem, closely following El Salvador who recently accepted Bitcoin as a legal tender.

More details on this partnership will be available by the 3rd of March, 2022.