With the annual meeting of the World Economic Forum (WEF) drawing to a close, attendees had the opportunity to join Cointelegraph in a farewell party at the Ex Bar in Davos, where they could pay for food and drinks using cryptocurrencies.
The annual meeting of the World Economic Forum is scheduled to take place between May 22–26, with a slew of world leaders expected to attend. What role will blockchain have at the event? https://t.co/wEtEvuVK5I
— Cointelegraph (@Cointelegraph) May 20, 2022
The annual meeting of the World Economic Forum will be held between May 22 and 26, and many world leaders are expected to attend. What role will blockchain technology have in the event?
Early partygoers had the chance to win one of 20 cards loaded with up to 100 Davos Coins, which are each pegged to the Swiss franc. The winners enjoyed a seamless payment experience using a new physical wallet that looks like a regular credit card. With the support of German cryoconservator Trustody and Ammer Card, a self-managed wallet created by Ammer Technologies AG, cardholders could simply tap and pay at Trustody’s terminals.
The card’s underlying technology, approved by Visa and Mastercard, preserves private and public cryptographic keys. The key copy is kept in Trustody’s secure store, ensuring that the card can be restored in the event of theft or replacement.
Polygon co-founder Mihailo Bjelic told Cointelegraph that Davos Coins and associated payment systems were created by Ammer Technologies in just two weeks using Polygon technology. Bjelic described Davos Coins as a “pilot project” demonstrating how quickly cryptocurrency payments can be integrated. He said the pilot project will likely be shelved after the event.
The topic of cryptocurrency payments featured prominently on several panels at the WEF’s four-day summit, which concluded on Thursday. A PayPal executive told Cointelegraph that the global payments giant is looking to expand its cryptocurrency service offerings in the near future. The use of digital assets for global remittances also featured prominently in a panel discussion featuring Circle CEO Jeremy Allaire and Ripple’s Brad Garlinghouse.
For his part, the CEO of Mastercard, Michael Miebach, made a bold prediction: SWIFT, the global cross-border settlement platform, will probably not exist in five years due to the rapid innovation of blockchain technology and digital currencies of banks. central.
Joseph Hall contributed to this article.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.