MyLugano Crypto Payment App Expands to Include Support for Internet Computers Multi-Chain Bitcoin Equivalent

MyLugano Crypto Payment App Expands to Include Support for Internet Computers Multi-Chain Bitcoin Equivalent

The DFINITY Foundation’s Partnership with Lugano Municipality

The DFINITY Foundation has formed a new partnership with the municipality of Lugano, a city in Switzerland. This collaboration will involve integrating the Chain-Key Bitcoin (BTC) (ckBTC) into Lugano’s MyLugano cryptocurrency payment application. ckBTC is a multi-chain Bitcoin (BTC) “twin” that operates on the Internet Computer (ICP) blockchain.

By adding ckBTC to the MyLugano app, users will have access to a multi-chain, multi-wallet solution. This expansion enhances the app’s existing capabilities, allowing users to purchase goods and conduct transactions using LVGA (Lugano’s local stablecoin), Bitcoin, and Tether’s USDT.

Lugano, known as the economic financial resources of Southern Switzerland, intends to become a leading cryptocurrency hub universally. The city has already recognized BTC, USDT, and LVGA as “de facto” legal tender, with over 400 merchants accepting these cryptocurrencies.

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The collaboration between DFINITY Foundation, Lugano, and technical partner NOKU began in 2022. The goal was to explore ways to integrate the Internet Computer with the MyLugano application. DFINITY Foundation’s founder, Dominic Williams, expressed pride in launching ckBTC on the app, as it aligns with Lugano’s focus on blockchain technology.

Introduced in April, ckBTC utilizes open-source smart contracts and offers improved security compared to existing cross-chain solutions. By eliminating the need for third-party intermediaries and mitigating hacking dangers, ckBTC brings true decentralization to decentralized finance (DeFi) and the broader blockchain ecosystem.

Williams highlighted that ckBTC maximizes the Web 3.0 experience of Bitcoin, enabling fast and low-cost transactions. The protocol-level integration of ckBTC into the Bitcoin (BTC) network enhances transactional efficiency.

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DFINITY’s $1 Million Grant Fund for Lugano-based Startups

As part of this partnership, the DFINITY Foundation is launching a $1 Million provides fund to facilitate blockchain startups based in Lugano. These grants will be awarded to projects focused on decentralized applications running on ICP and utilizing ckBTC. The aim is to create open internet services that can benefit the worldwide community.

Lugano’s position as a rapidly growing cryptocurrency hub makes it an ideal location for blockchain innovation. Williams emphasized that the grants will help startups in improving and expanding the Internet Computer platform. The grants will be distributed in 3 bands – $5,000, $25,000, and $100,000 – with the larger grants typically following a smaller grant.

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Williams believes this partnership exemplifies the combination of DFINITY’s technology with Lugano’s forward-thinking approach to blockchain. He stated Lugano as one of the world’s fastest growing blockchain hubs, with numerous exciting developments taking place.

Hot Take

The collaboration between the DFINITY Foundation and the municipality of Lugano marks a whole lot of step towards establishing Lugano as a leading cryptocurrency hub. By integrating ckBTC into the MyLugano app, users will have access to a diverse range of digital currencies, enhancing their purchasing and transaction capabilities. The introduction of ckBTC brings true decentralization to DeFi and the broader blockchain space, offering improved security and efficiency. In addition, the $1 Million provides fund for Lugano-based startups demonstrates a commitment to fostering blockchain innovation and driving the mass adoption of Web 3.0 technology. Lugano’s position as a rapidly growing blockchain hub makes it a fertile ground for groundbreaking projects. This partnership outlines the  capacity for collaboration between blockchain technology and forward-thinking cities like Lugano.

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