What happened this week around blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a pointed and compact weekly review.
Selected articles of the week:
The Ukraine conflict is currently shaking those affected on the ground as well as the international community. Combat operations in general quickly lead to a collapse of the infrastructure in the affected areas. The financial system, which is ensured by commercial banks, is particularly vulnerable. Banks are closing, ATMs are empty, and citizens are left to fend for themselves. The situation is further aggravated by a devaluation of the domestic currency. In the Ukraine conflict, cryptocurrencies are increasingly being used by both sides as a substitute in a financial system crippled by war.
On both sides of the conflict in Ukraine, people are taking refuge in cryptocurrencies as an alternative to the struggling banking system.
Ukraine is the very first country to actively make use of the new opportunities that cryptocurrencies can bring in a crisis situation. Thus, appeals for donations were directly provided with wallet addresses of various crypto networks, ensuring fast and uncomplicated processing. With the prospect of a so-called “airdrop”, a blockchain-based thank-you gift, the state collected over $55 million in a very short period of time.
As the first country with an official airdrop announcement, Ukraine doubled its collected crypto donations.
After Zug, Lugano is another Swiss region dedicating itself to specific promotion of the blockchain industry, underlining the potential of this emerging sector.
The city of Lugano has announced plans to recognize Bitcoin as legal tender and promote the blockchain industry.
The broad spectrum of new possibilities that tokenization brings with it is also conquering art. Renowned Swiss sculptor and painter David Pflugi has teamed up with Swiss crypto bank Sygnum to make three World Cup-themed sculptures accessible via tokens on the blockchain.
Swiss crypto bank Sygnum will tokenize a portfolio of football world championship-themed sculptures by renowned Swiss artist David Pflugi.
In addition: An eventful January was followed by a no less exciting month for the crypto industry. The Russian-Ukrainian conflict underscores the importance of an independent payment network, CBDC plans accelerated in some parts of the world, institutional crypto adoption progressed, and some of the industry’s highest-profile “hacks” were uncovered.
A summarizing monthly review of what’s happening in the crypto markets in cooperation with the Swiss specialist 21Shares AG.
