Crypto firms take over main street in Davos, even after market crash
DAVOS, Switzerland — Crypto-related technology companies are out in force at the annual World Economic Forum in Davos, even after a recent market crash that has wiped off billions of dollars of value from the digital currency market.
A main drag where businesses and governments take control of shops and bars throughout the week of forum are controlled by crypto companies nestled between large firms such as SalesforceFacebook Owner Meta.
One delegate said to CNBC that “It is a major step for crypto industry. They were always anti-Davos.”
Tether, the company that created the stablecoin USDT set up a table giving away pizzas on Sunday at the Promenade Bitcoin Pizza Day. The first bitcoin transaction was made by a programmer who bought pizza in Bitcoin on May 22nd 2010. Each year, cryptocommunity celebrates the day.
One delegate said that the crypto-companies were “plashing the money.”
Discussions at the World Economic Forum are dominated by non-fungible tokens. RollApp has opened a Davos location for digital collectibles.
Arjun Kharpal | CNBC
Fernando Verboonen is the co-founder and chief executive officer of RollApp. The non-fungible token store (NFT), took over the Promenade shop. He estimated that about 60% of venues were related to crypto.
He said, “They basically take over Davos.”
These digital collectibles include non-fungible tokens. RollApp aims to transform real-world assets like cars into non-fungible tokens.
‘Crazy few weeks’
Despite a market crash, the industry still managed to make a strong show at Davos. In the past month, the cryptocurrency market has seen more than $500 billion disappear. collapse of stablecoin terraUSD sent shockwaves across the industry.
Davos visitors are most likely planning to take over the Promenade at the Alpine ski resort in order to avoid the market collapse.
It’s been an insane few weeks for crypto. Although we had made a commitment to come here long ago, that didn’t change. “We are now in a place that will withstand the bear markets and there’ll be a bull market again,” Clifford Sarkin (COO) at Casper Labs blockchain startup, said to CNBC.
Circle, one of the firms behind USDC stablecoins, has taken over one shop on Davos Promenade.
Arjun Kharpal | CNBC
Casper Labs provides a product for blockchain that targets businesses. Blockchain was first introduced with bitcoin, but the definition of blockchain has evolved. Blockchain is basically a common ledger of activities that can underpin applications in businesses such as cross border money transfers.
Sarkin stated that the crash was a positive event for companies like his, which are focused more on selling blockchain technology to businesses customers than it is consumers.
It’s much easier to conduct business during a bear market. Many of those who tried to make money last year in crypto are leaving now because they say it’s dead. We will now be able to start doing real business,” he said to CNBC.