By Jessica DiNapoli

DAVOS. Switzerland (Reuters). Among the many treats offered at this year’s Davos Meeting were a bitcoin pizza stall free of charge and a Liquidity Lounge. The venue is home to cryptocurrency and blockchain companies that have taken over its main street despite a recent drop in their digital coin value.

A delegation of executives representing the crypto sector attended the Swiss Alpine resort’s annual meeting with business leaders and politicians to push for faster adoption.

While the crypto community is not present at Davos but was there, it’s prominent because cryptocurrencies lost $800 billion earlier in the month.

Although regulators warn that crypto assets could pose high risks, small traders are flocking to it for quick returns. Luna was the 8th-largest digital currency and was backed by institutional investors. It has lost nearly all its value.

“It completely collapsed into nothing very quickly,” Jeremy Allaire (CEO and cofounder at Circle Internet Financial), said about Luna’s fall.

“To witness something that appeared to be a high growth, competitive thing, just totally implode into zero in 72hrs, that’s what I saw,” he said to Reuters.

The crypto firms’ efforts to showcase their products and services haven’t been affected by recent losses.

Securrency Inc was a digital infrastructure for markets that is supported by Abu Dhabi. CEO Dan Doney said the company came to Davos “to establish relationships and network”, and showed how new financial technologies can be combined.

Just outside of the conference center security perimeter, the company created its own digital currency agenda. It is similar to the World Economic Forum.

One of the most popular stablecoins around,., gave away free slices for passers-by to mark Pizza Day in May. 22. In 2010, Lazlo Hansyecz purchased two pizzas using 10,000 bitcoin. It was worth approximately $41

Bitcoin’s value of $30,332 fell Monday to the lowest level since May 2020, when it was valued at $33,332 In November, the world’s most popular cryptocurrency reached a new record of $69,000.

Cliff Sarkin is the chief operating officer for CasperLabs which provides blockchain technology to businesses. He said that “we’re used” to it and the market will get bigger.

Sarkin said that the token linked to Casper’s technology also took a beating.

The WEF caters to financial elite, including large banks like Citigroup Credit Suisse is hosting panels about cyrptocurrencies future carbon footprint, and decentralized finance.

Stan Stalnacker is chief strategy officer of social network Hub Culture. He said, “It has been rising outside, and within the gates,” referring to cryptocurrency’s presence at the conference and from its sidelines.

Stalnacker estimates that approximately 50% of town’s shopfronts were occupied for the duration by cryptocurrency or blockchain firms.