DAVOS, Switzerland – Crypto -related technology companies have emerged at the annual World Economic Forum in Davos, even after a recent market crash that has wiped out billions of dollars worth of digital currency markets.
The promenade, the main route where companies and governments take over shops and bars during forum week, is dominated by crypto companies, located among major companies like Salesforce and Facebook-owners Meta.
“This is a big step for the crypto industry, they are definitely anti-Davos,” one of the envoys told CNBC.
On Sunday, Tether, the company behind the USDT stablecoin, set up a stand offering free pizza on the Promenade for In Bitcoin Pizza. On May 22, 2010, programmers bought pizza using bitcoin and this is widely seen as the first transaction using cryptocurrency. This day is celebrated annually by the crypto community.
Another delegation noted that crypto companies “suck money.”
Non-fungible tokens were a big topic during discussions at the World Economic Forum. RollApp, which runs the NFT store, is setting up a location in Davos to promote its digital collection.
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Fernando Verboonen, founder of RollApp, a non-fungible token (NFT) store, which took over the store on the Promenade, says about 60% of the places on the street are crypto-related companies.
“He’s actually taking over Davos,” he said.
A non-fungible token is a digital collection. RollApp tries to turn real world assets such as cars into NFTs.
‘Crazy few weeks’
Strong industrial performances in Davos despite recent market crashes. More than $ 500 billion has been removed from the crypto market in the last month, as the collapse of terraUSD stablecoin sent a shock wave in the industry.
Those in Davos may have a commitment to take a seat on the Promenade at the Alpine ski resort before the market falls.
“It’s been a crazy few weeks in crypto. We’ve been committed to coming here for a long time, but it’s not going to change. We’re in a position to hold the bear market and there will be bulls again.” Clifford Sarkin, COO at blockchain startup Casper Labs, said. to CNBC.
Circle, which is one of the companies behind the USDC stablecoin, took over one of its stores on the Davos Promenade.
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Casper Labs has a blockchain product aimed at businesses. Blockchain became popular with bitcoin but its definition has expanded. It is effectively a ledger of activities that can support applications in businesses such as cross-border money transfers, say supporters.
Sarkin said the crash is positive for companies like his that focus on selling blocks to business customers, rather than consumers.
“It’s easier to do business in a bear cycle. A lot of people who came last year and tried to make money in crypto are now gone because they say crypto is dead, now out of place for some time. And we’re going to do real business,” he said. to CNBC.
