The DFINITY Foundationโs 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 Bitcoinย (BTC) (ckBTC) into Luganoโs MyLugano cryptocurrency payment application. ckBTC is a multi-chain Bitcoinย (BTC) โtwinโ 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 appโs existing capabilities, allowing users to purchase goods and conduct transactions using LVGA (Luganoโs local stablecoin), Bitcoin, and Tetherโs USDT.
Lugano, known as the economic financialย resources of Southern Switzerland, intendsย to become a leading cryptocurrency hub universally. The city has already recognized BTC, USDT, and LVGA as โde factoโ legal tender, with over 400 merchants accepting these cryptocurrencies.
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 Foundationโs founder, Dominic Williams, expressed pride in launching ckBTC on the app, as it aligns with Luganoโs 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 decentralizedย financeย (DeFi) and the broader blockchain ecosystem.
Williams highlighted that ckBTC maximizes the Webย 3.0 experience of Bitcoin, enabling fast and low-cost transactions. The protocol-level integration of ckBTC into the Bitcoinย (BTC) network enhances transactional efficiency.
DFINITYโs $1 Million Grant Fund for Lugano-based Startups
As part of this partnership, the DFINITY Foundation is launching a $1 Million provides fund toย 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.
Luganoโs position as a rapidly growing cryptocurrency hub makes it an ideal location for blockchain innovation. Williams emphasized that the grants willย help startups in improving and expanding the Internet Computer platform. The grants will be distributed in 3 bands โ $5,000, $25,000, and $100,000 โ with the larger grants typically following a smaller grant.
Williams believes this partnership exemplifies the combination of DFINITYโs technology with Luganoโs forward-thinking approach to blockchain. He stated Lugano as one of the worldโs 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 wholeย lotย 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 digitalย 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. Inย addition, the $1 Million provides fund for Lugano-based startups demonstrates a commitment to fostering blockchain innovation and driving the mass adoption of Webย 3.0 technology. Luganoโs position as a rapidly growing blockchain hub makes it a fertile ground for groundbreaking projects. This partnership outlines theย capacity for collaboration between blockchain technology and forward-thinking cities like Lugano.
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