Tether plans to invest more than $100 million in blockchain technology in the Swiss city of Lugano.
The administration of Lugano and Tether announced a “₿ plan” in early March to transform the local financial system through the comprehensive implementation of blockchain technology. To this end, Tether initiated the creation of an investment fund of 100 million CHF (~$107 million). Local authorities are allocating for the same purpose 3 million CHF (~$3.21 million). The news was reported by Finews.
The city plans to open a startup hub with up to 300 companies. The investments will be used to fund the development of financial technologies (FinTech), cryptocurrencies and blockchain technology, as well as the practical implementation of related innovations. It is also planned to provide funding for 500 scholarships for students at three local universities who will study cryptocurrency technologies.
The “₿ plan” includes the close integration of blockchain technology into the city’s infrastructure and financial sector. Also, the authorities announced the legal use of BTC, USDT and local token LVGA as means of payment.
