Crypto Businesses Take Over Davos This Year

Crypto Businesses Take Over Davos This Year

Despite recent losses, industry representatives have flocked to the annual business meeting to promote their products and services.

Davos has become a showcase for crypto companies in view of the need to develop new businesses and overcome the current critical stage in the sector.

Marketing experts say that when your business is in crisis is when it needs promotion the most. That is exactly what companies linked to the crypto industry are doing, promoting their products and services at the annual meeting of the World Economic Forum in Davos.

From a small free bitcoin pizza stall to a “Liquidity Lounge” and large exhibitors, they are part of the marketing and public relations strategy of the companies present, despite the collapse of the prices of crypto assets in the markets in The last weeks.

The sprawling group of crypto executives landed at the resort located at the foot of the Swiss Alps to do business and promote the adoption of blockchain technology among the world’s financial elite and government representatives attending the conference.

The Davos meeting this year is held in person again, after two years marked by the coronavirus pandemic. The drastic changes recently experienced and the challenges generated by the war in Ukraine, the energy and food deficit and the decarbonisation of the world, give this year’s business event a special touch.

That is why despite the crypto crisis that has caused gigantic losses to companies in the sector and decreased the market value of cryptocurrencies to about $800 billion, industry representatives are reaffirming the presence of this emerging sector in the global economy.

After the recent collapse of Terra — Luna, there has been a financial Tsunami in the cryptocurrency market that has wiped out its market capitalization. A situation that the regulators of the main economies had already foreseen and announced to small investors, due to the high risk of this type of asset.

Commenting on Luna’s sinking, Jeremy Allaire, CEO and co-founder of Circle Internet Financial, which runs the US dollar-pegged stablecoin USDC, said:

“What surprised me was just how fast it completely imploded into nothing.” He added: “to see something that seemed like an apparent, high growth competitive thing just completely implode to zero in 72 hours, I have never seen anything like that.”

Another who traveled to Davos this year was the CEO of Securrency Inc, Dan Doney, with the intention of “building relationships and networks”.
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