Crypto Firms Take Over Davos High Street, Even After Market Crash

DAVOS, Switzerland — Cryptocurrency-related technology companies are present at the annual World Economic Forum in Davos, even after a recent market crash that wiped out billions of dollars in value from the digital currency market.

The Promenade, a main strip where businesses and governments take over shops and bars during forum week, is dominated by crypto firms, sandwiched between major firms like Salesforce and Meta, which owns Facebook.

“It’s a big step for the crypto industry, they were always anti-Davos,” a delegate told CNBC.

On Sunday, Tether, the company behind the USDT stablecoin, set up a free pizza stand on the Promenade for Bitcoin Pizza Day. On May 22, 2010, a programmer bought pizza using bitcoin and it is seen as the first transaction using the cryptocurrency. The day is celebrated every year by the crypto community.

Another delegate commented that cryptocurrency companies were “splashing the money”.

Non-fungible tokens are a big topic during discussions around the World Economic Forum. RollApp, which runs an NFT store, has set up a location in Davos to promote digital collectibles.

Arjun Jarpal | CNBC

Fernando Verboonen, co-founder of RollApp, a non-fungible token (NFT) store, which took over a store on the Promenade, estimated that about 60% of the places on the street were crypto-related businesses.

“They are basically taking over Davos,” he said.

Non-fungible tokens are digital collectibles. RollApp is trying to convert real-world assets like cars into NFTs.

‘A crazy few weeks’

Circle, which is one of the companies behind the USDC stablecoin, took over one of the shops on the Davos waterfront.

Arjun Jarpal | CNBC

Add Comment