Lugano is the principal urban center in the Swiss canton of Ticino. Located between the major cities of Milan and Zurich, they serve as the commercial and economic heart of southern Switzerland. Because of its dedication to the development and use of cryptocurrencies, Lugano has become an attractive financial hub.
To make Lugano one of Europe’s and the world’s leading hubs for digital innovation with a focus on blockchain technologies, the City of Lugano and Tether Operations Limited signed a Memorandum of Understanding on March 3, 2022. To facilitate quicker, safer, and cheaper transactions, it has always been a part of this strategy to make crypto payments available to the entire community.
Utrust will serve as the underlying payment network for all online merchants and government agencies accepting cryptocurrency. Utrust’s product makes it simple for customers to send and receive payments using Bitcoin, Tether, and other cryptocurrencies (including Lightning Network).
Utrust is the first company to develop a cryptocurrency payment solution that supports quick purchases, buyer insurance, and fiat-to-crypto exchanges. Now, the entire city of Lugano may benefit from this technology, which allows for rapid, affordable, and secure global settlements that are available to businesses all over the world.
Michele Foletti, Mayor of Lugano stated:
“In Lugano, we are making living on crypto a reality. These currencies are the future of money, the advantages are obvious, and we are very proud to be one of the first communities to move forward with adoption. Lugano is leading the way”.
In the beginning, this strategy will be implemented on a local level. Utrust’s widget will be used for all transactions with the city’s government, and payment will be accepted in cryptocurrency. This might be anything, from citizens paying taxes to businesses providing services.
Sanja Kon, Utrust CEO stated:
“Payments are an integral part of almost all economic activity, and, consequently, human activity. Making them easier, faster, and safer, and removing intermediaries from the process, is maybe the optimal way of improving the way we lead our lives in general. Lugano’s decision to bring this technological advancement to the entire city is a tremendous move and Utrust is proud to be the chosen partner to make it happen”
The next step is to advertise Utrust’s service to all city-based e-commerce businesses that could be interested. This will enhance businesspeople’s capacity to conduct international trade as well as their ability to compete locally.
Transaction costs for merchants can range from 2% to 12%, depending on the payment processor and the location of the business. If you use Utrust’s gateway, you can cut that number in half, which might make the difference between staying in business and going under.
Paolo Ardoino, Tether CTO stated that:
“This technology is the future. Payments should happen near-instantly, globally, and at a trivial cost. Anything else is obsolete. Now, for the first time, an entire city will have the tools to make it a reality for tens of thousands of people. The implications are hard to overstate, and we are thrilled to be the ones to make it happen.”
Lugano’s mayor, Sanja Kon, Utrust’s CEO, and Tether’s CTO, Paolo Ardoino, are all available for additional comment and interviews.
About Utrust
Transactional technology for the third generation Internet. The world’s most improved method of sending and receiving money. Providing quick transactions, buyer security, and instant crypto-to-cash settlements for merchants, Utrust is the leading cryptocurrency payment system that aims to modernize the finance and payments industry and overcome the difficulties of traditional payment methods.
