The third largest financial center in Switzerland, the city of Lugano, has revealed plans to integrate Polygon Proof of Stake (PoS) into its payment application, commonly known as MyLugano. The report demonstrated that the Polygon-powered PoS will play a pivotal role in supporting Lugano residents to complete transactions timely.
The proposed integration demonstrates Lugano as a crypto-friendly city seeking to leverage emerging technologies to build one of the strongest financial centers in the world.
Lugano Seeks to Become Leading Blockchain Centre in Europe
In a blog post dated November 22, the Polygon Labs team was pleased to work with the pro-crypto city to integrate additional features on the MyLugano application.
In the proposed integration, the Polygon team will work closely with the team behind the MyLugano app to introduce multi-chain wallets for personal custodial purposes. Additionally, the Polygon team anticipates listing more tokens on the MyLugano app to enable over 30,000 users to transact through their preferred crypto asset.
For years, the MyLugano app has established a sustainable customer base and emerged among the IEEE Smart City Award finalists. With the expected upgrades, the MyLugano app will become an industry-leading payment network in Switzerland.
Besides the significance of the MyLugano upgrade, the collaboration with Polygon will allow Swiss customers to access thousands of decentralized applications centered on the Polygon network.
Polygon Labs Collaborates with Lugano to Improve Crypto Payment Application
According to the blog post, this was not the first time Polygon has supported Lugano in attaining its crypto objective of transforming Switzerland into a leading blockchain capital in Europe. Primarily, Lugano seeks to increase the usage of Bitcoin, Tether, and city-owned stablecoin LVGA.
This exciting development has positioned Lugano as the city experiencing the highest crypto adoption. The crypto industry’s growth has triggered the development of crypto-friendly infrastructure such as the MyLugano app and Center of Excellence for Blockchain Adoption that push for the responsible use of blockchain technology.
Also, the Lugano authority plans to leverage blockchain technology to expand its revenue-generating schemes. The authority recently hinted plans to allow the public to pay their taxes through crypto assets.
Lugano Seeking to Accept Bitcoin as Legal Tender
In an earlier report, Lugano City revealed plans to explore effective ways to introduce crypto payments in schools, the public sector, and businesses. Just like its greatest ally, El Salvador, the Lugano city anticipates that Bitcoin will become a legal tender.
Additionally, the team behind MyLugano plans to debut a nonfungible collection (NFT) that mirrors the work of Yuri Catania, the prominent visual artist.
The proposed NFT collection will be displayed on the wall of Palazzo dei Congressi. The artwork will be 40 meters long by 8 meters wide and tokenized through the Polygon network.
The NFT collection will be co-created by Polygon and Lugano Living Lab. The report indicated that the digital collectible will be created using the paste-up method, where the color will disappear with time.
Editorial credit: T. Schneider / Shutterstock.com
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