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Polygon and Tether back Lugano to make crypto legal tender

Polygon and Tether back Lugano to make crypto legal tender

Last updated 29th Jun 2022
Disclosure
  • You can now pay your annual taxes, parking tickets, public services and student tuition fees in Bitcoin, Tether, LVGA stablecoin
  • Polygon joins effort as infrastructure partner
  • Lugano will create specialized hub hosting companies and start-ups

Polygon and Tether are supporting efforts by the Swiss city of Lugano to become Europe’s blockchain capital. You can now pay your annual taxes, parking tickets, public services and student tuition fees in Bitcoin, Tether and the city’s own LVGA stablecoin in the picturesque holiday destination, Bankless Times learned from a press release.

Polygon joins effort as infrastructure partner

With this development, Lugano is paving the way for cryptocurrencies to become legal tender in the city. Polygon is providing the basis, on which the stablecoins will run.

Over the past year, the city has taken specific steps to make its plans a reality. It launched a loyalty program and digital wallet with LVGA points.It also developed the city blockchain 3Achain, which is EVM-compatible, linked to Ethereum, and uses Proof of Authority consensus.

Lugano sets up $109M fund to finance blockchain start-ups Lugano has a Plan B, under which it will set up a 100 million Swiss francs ($109 million) fund to help finance blockchain-based start-ups. It will also create specialized hub hosting companies and start-ups. Another 3 million francs will be set aside to speed up adoption by local businesses. Lugano Mayor Michele Foletti and Tether CTO Paolo Ardoino made the announcement live.Sandeep Nailwal, Co-Founder of Polygon, said:

Combining the stability of stablecoin technology with Polygon's low-cost infrastructure provides Lugano with a rapid, and non-volatile means of transacting. We’re delighted the City of Lugano has selected Polygon to provide this critical infrastructure for their stablecoin.

Polygon is the fastest-growing blockchain

Polygon is one the fastest growing blockchains with low gas fees and high speed. It runs in parallel with Ethereum network to promote infrastructure development and improve functionality. Among the dApps it has attracted are DeFi blue chips Aave and Sushiswap and NFT marketplaces OpenSea and Mark Cuban’s Lazy.com.

The team is developing a full suite of scaling solutions, including Polygon Edge, Polygon PoS and Polygon Avail. It’s investing in bleeding-edge zero-knowledge technology that will play a crucial role in onboarding Ethereum’s next one billion users.

Growing product suite offers easy access to major scaling solutions

Polygon’s growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more.

Polygon’s scaling solutions have seen widespread adoption with 7000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.