Crypto News– ZURICH and LUGANO, the DFINITY Foundation, a non-profit research and development organization and a significant contributor to the Internet Computer blockchain has officially announced a strategic partnership with the Municipality of Lugano, Switzerland.
DFINITY Foundation and Lugano Municipality Announce Partnership
Furthermore, the Foundation has inaugurated a generous $1 million grant fund, dedicated to bolstering startups based in Lugano as they embark on endeavors to enrich, advance, and expand upon the capabilities of the Internet Computer. These grants will be allocated to developers in Lugano who harness the unique potential of the Internet Computer to create open Internet services that can cater to the global community, with a specific focus on integrating ckBTC into their projects.
This collaborative effort aligns seamlessly with Lugano’s broader objectives for blockchain development, encompassing initiatives such as the MyLugano crypto-payment app, widespread local cryptocurrency adoption, and the influx of numerous blockchain enterprises into the city.
Lugano stands as a staunch advocate for LVGA, Bitcoin, and Tether payments, which have been accorded the status of ‘de facto’ legal tender within the city. This recognition empowers citizens to conduct transactions in LVGA, Bitcoin, and Tether at more than 400 local businesses, granting access to cashback incentives. Furthermore, this inclusive approach extends to allowing the gradual settlement of fees and taxes to the city administration through these cryptocurrencies.
As a facet of this collaborative effort, the MyLugano app, developed by NOKU, has undergone a substantial upgrade. With this update, offering a multi-chain, multi-wallet solution, seasoned users can efficiently manage assets from diverse blockchains directly within the app. This includes the ability to oversee Internet Computer’s blockchain infrastructure and engage with ckBTC.
Notably, ckBTC on the Internet Computer is a multi-chain counterpart of Bitcoin, backed by a 1:1 cryptographic parity with real Bitcoin. Its creation relies on a pair of open-source, verifiable smart contracts, ensuring that cross-chain transactions remain fully decentralized. ckBTC benefits from the Internet Computer’s exceptional speed, security, and scalability, enabling near-instant finality in transfers (within 1-2 seconds) at a fraction of the cost compared to Bitcoin network transfers. The Internet Computer effectively serves as a Layer 2 solution for Bitcoin, enabling smart contracts on the Internet Computer to natively hold, send, and receive Bitcoin.
About the DFINITY Foundation
The DFINITY Foundation is a not-for-profit organization comprised of leading cryptographers, computer scientists, and experts in distributed computing.
About the City of Lugano
Lugano is the economic capital of Southern Switzerland, strategically located between the metropolitan areas of Milan and Zurich. Set in an exceptional natural context and landscape, Lugano is the ideal place for living and working.
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