Cryptocurrency-related technology companies have rolled out at the annual World Economic Forum in Davos, even after the recent market crash wiped out billions of dollars in value from the crypto market. The boardwalk, a large sector where companies and governments take over shops and bars during Forum week, is dominated by crypto companies and belongs to the greats such as sales team and the owner of Facebook. “It’s a huge step for the crypto industry, because they’ve always been anti-Davos,” a delegate told CNBC. On Sunday, Tether, the company behind the USDT stablecoin, set up a platform with free pizza on Boardwalk for Bitcoin Pizza Day. On May 22, 2010, a programmer bought a pizza using bitcoin, widely regarded as the first cryptocurrency transaction. The crypto community celebrates the day every year. Another delegate noted that crypto companies were”spraying money.” Non-fungible tokens are an important topic during discussions around the World Economic Forum. RollApp, which operates the NFT Store, has set up a site in Davos to promote digital collectibles. Fernando Verbonin, co-founder of RollApp, a non-fungible token store (NFT), which acquired a store on Promenade, estimates that about 60% of places on the street are crypto-related businesses. “They’re basically taking over Davos,” he said. Non-fungible tokens are digital assets. RollApp is trying to turn real-world assets like cars into NFTS. The strong performance of the industry in Davos comes despite the recent market crash. More than $ 500 billion has been wiped out of the crypto market in the past month, as the collapse of the stablecoin terraUSD caused shockwaves in the industry. Those in Davos are likely to stick to taking a seat on the Alpine ski resort Promenade before the market recently fell. “It’s been a crazy few weeks in cryptocurrency. We’ve been coming here for a long time, but that’s not going to change. We are in a position to resist the bear market and there will be another bullish move,” Clifford Sarkin, COO of startup Casper Labs at blockchain, he told CNBC.
