• Industry representatives are still promoting their services and products despite recent losses.
• Davos is now a platform for cryptocurrency companies to showcase their businesses, and help them overcome current challenges.

Experts in marketing say when you’re experiencing a crisis, it is the time to promote your business. Companies in the crypto sector are doing exactly that, by promoting their services and products at the World Economic Forum’s annual Davos meeting.

From a small free bitcoin pizza stall to a “Liquidity Lounge” and large exhibitors, they are part of the marketing and public relations strategy of the companies present, despite the collapse of the prices of crypto assets in the markets in The last weeks.

The sprawling group of crypto executives landed at the resort located at the foot of the Swiss Alps to do business and promote the adoption of blockchain technology among the world’s financial elite and government representatives attending the conference.

This year, the Davos Meeting will take place in person after being held online for two years following the outbreak of coronavirus. The drastic changes recently experienced and the challenges generated by the war in Ukraine, the energy and food deficit and the decarbonisation of the world, give this year’s business event a special touch.

The Economy Reaffirms the Industry’s Presence

Industry representatives have affirmed the importance of the emerging sector to the global economy, despite huge losses suffered by companies involved in crypto-related businesses and a decrease in their market value to $800 billion.

After the recent collapse of – Luna, there has been a financial Tsunami in the cryptocurrency market that has wiped out its market capitalization. This was a situation the regulators in the major economies could have foreseen, and had previously announced to small investors due to the risk associated with this asset.

Commenting on Luna’s sinking, Jeremy Allaire, CEO and co-founder of Circle Internet Financial, which runs the US dollar-pegged stablecoin USDC, said:

“What was most surprising to me was how quickly it imploded into nothing.” “I have never witnessed anything similar to it, even though it seemed high-growth and competitive. It just imploded completely in less than 72 hours.”
Another who traveled to Davos this year was the CEO of Securrency Inc, Dan Doney, with the intention of “building relationships and networks”. Abu Dhabi-backed Financial Markets Infrastructure Company executive Dan Doney is searching for companies that combine blockchain with traditional finance.

Crypto is taking over high street

The main Davos street has been taken over by crypto companies. They have set up kiosks and large displays stands across the street from the conference centre. Stablecoin is offering a slice to anyone who passes by to commemorate Pizza Day 2010, which Laszlo Hansyecz, an American programmer bought two pizzas at 10,000 bitcoins.

Bitcoin, the world’s largest cryptocurrency by market capitalization, has lost more than half its value in the past two months. According to Coinmarketcap on Monday morning at 09:10 ET, the price was $30,360. This is after it traded as high as $69,000 last November.

Cliff Sarkin (chief operating officer at CasperLabs blockchain technology provider) said that “we’re used this” and the market will grow larger. Casper token (CSPR), also suffered from the crash of cryptocurrencies.
Some banks were present at the forum. Citigroup Conferences related to this industry are also organized by Credit Suisse (NYSE:) The topics covered include the carbon footprint, the future of cryptocurrency and panels on decentralized financing.

Stan Stalnacker from social media network Hub Culture, chief strategy officer for the industry, stated that crypto has been “rising outside and inside the gate” in response to the attendance of this year’s conference.
Stalnacker believes that around half of Davos’ showcases were occupied by cryptocurrency companies looking to capitalize on business opportunities.

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