Tether to Make Switzerland City Ninth Largest Crypto Capital in Europe

Tether, the largest stablecoin issuer in the cryptocurrency market, announced that it has released a special "Plan B" for Switzerland's ninth largest city. Sharing the new partnership on Twitter, Tether plans to transform Lugano into the "crypto capital of Europe".

Lunago Aims To Become A Crypto Capital With Tether

According to a statement from stablecoin leader Tether, he looks forward to revolutionizing the financial industry in the city by transforming its economic system and introducing blockchain. It is not yet clear how the stablecoin company plans to do this, but it should be noted that it will release more details in March.

The crypto and Bitcoin space is hardly new to Lunago. So much so that in November, Lugano announced the launch of a Blockchain network connected by the city's own Ethereum Blockchain network. The newly introduced Blockchain network based on the Proof of Authority consensus algorithm was running on open source technology.

Finally, Lugano has a population of 69,000. So it's not Europe's largest city and cannot compete with Switzerland's Zurich, with a population of around 500,000, but it could still further drive the adoption of cryptocurrency technology.