Lugano will use the Polygon proof-of-stake protocol to power its payment app, MyLugano. The app will feature a multichain digital wallet and an NFT collection.
Lugano, the economic capital of Italian-speaking southern Switzerland, has announced that it will integrate the Polygon proof-of-stake (PoS) protocol into its crypto payment app, MyLugano.
The app serves 30,000 users, or almost half of the city population, and will enable them to pay local merchants in various cryptocurrencies.
According to the announcement on Polygon Labs’ website, the updated version of MyLugano will include a multichain digital wallet for personal custody.
The wallet will support “several tokens” already integrated into the app and will add more in the future. The users will be able to access the wallet through the app and exchange tokens between blockchains, such as Ethereum, Arbitrum, Optimism, and others.
The integration will also feature a new nonfungible token (NFT) collection dedicated to the work of artist Yuri Catania.
The collection will showcase an NFT version of a 40-meter-long, 8-meter-high mural on the wall of the Palazzo dei Congressi, a convention center in Lugano.
The mural, which depicts the city’s history and culture, will be tokenized on the Polygon network.
The partnership between Lugano and Polygon, which has been providing the infrastructure for the city’s stablecoin, LVGA, since 2022. Polygon is a network provider for tens of thousands of decentralized applications with $5 billion in secured assets.
Polygon offers a scalable, secure, low-cost solution for building and connecting blockchain platforms.
This is one of the first examples of a city using a PoS protocol to power its crypto payment app. PoS protocols are considered more energy-efficient, faster, and cheaper than the traditional proof-of-work (PoW) protocols, which rely on intensive computation and electricity consumption.
PoS protocols also offer more security and decentralization, allowing users to stake their tokens and participate in the network governance.
Lugano is one of the world’s most crypto-friendly cities, offering a wide range of crypto services and initiatives to its citizens and businesses.
The city has established a Center of Excellence for Blockchain Adoption in partnership with Tether, a stablecoin issuer, to “become a major European blockchain hub.”
The city also plans to enable citizens and companies to pay taxes in crypto soon. The ultimate goal is to accept crypto for payment of all goods and services, similar to fiat currency.
The integration of the Polygon protocol into MyLugano app is another sign of the growing adoption and innovation of crypto and blockchain technologies, especially in Switzerland, which is known for its progressive and supportive regulatory environment.
Switzerland is home to many crypto and blockchain companies, such as Crypto Bank, Nexo, and Bitpanda, as well as the Crypto Valley, a hub for crypto startups and projects.
In addition to demonstrating the capacity of blockchain and crypto technologies to revolutionize how individuals store, exchange, and pay for goods and services, the partnership also facilitates the emergence of novel artistic and cultural expressions.
By using Polygon protocol, Lugano and its users will be able to enjoy the benefits of faster, cheaper, and more secure transactions, as well as access to a diverse and vibrant crypto ecosystem.
