Cryptocurrency promoters take over the main street of Davos – 05/23/2022 at 12:42


CRYPTOCURRENCY PROMOTERS TAKE OVER THE MAIN STREET OF DAVOS

DAVOS, Switzerland (Reuters) – On the occasion of the World Economic Forum, companies involved in blockchain and cryptocurrencies took over the main street of Davos, renting almost half of the pavilions, despite the recent collapse in the value of currencies digital.

Industry representatives traveled to the annual gathering of business and political leaders in the Swiss Alpine resort, to encourage faster adoption of their still largely unregulated technology.

This communication campaign comes as cryptocurrencies lost 800 billion dollars (749.20 billion euros) in value at the beginning of the month.

Retail investors have flocked to cryptoassets, lured by the hope of quick returns, despite warnings from regulators about the high risk of these emerging assets.

Luna, until recently the eighth largest cryptocurrency in the market, backed by institutional investors, has lost almost all of its value.

“What surprised me was how quickly it completely imploded into nothingness,” said Jeremy Allaire, president and co-founder of Circle Internet Financial, whose stablecoin, USDC, is pegged to the US dollar.

“To see something that seemed like a competitive, high-growth product completely implode in 72 hours, I’ve never seen anything like it,” he told Reuters.

These losses have not dented the desire of cryptocurrency companies to showcase their products and services.

“There’s a boom outside and inside the gates,” Stan Stalnacker, chief strategy officer of social network Hub Culture, which also runs a digital currency, said of the presence of cryptocurrencies on the fringes. and within the forum.

He estimates that around 50% of the city’s storefronts are occupied by blockchain or cryptocurrency-related businesses for the duration of the event.

(Reporting Jessica DiNapoli and Divya Chowdhury; French version Augustin Turpin, editing by Kate Entringer)

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