Crypto Businesses Establish Dominance along Commercial Strip in Davos

UTC by Tolu Ajiboye · 3 min read
Crypto Businesses Establish Dominance along Commercial Strip in Davos
Photo: World Economic Forum / Flickr

Several crypto companies advertising their wares took the stage at this year’s World Economic Forum in Davos despite the recent market crash.

Crypto-inclined tech companies were dominant at the recent World Economic Forum in Davos. More than a few crypto businesses were present along the Promenade, the main strip leading to the venue where several entities display their goods and services during the forum week. The large role undertaken by the crypto space at this year’s World Economic Forum in Davos, has a few peculiarities attached to it.

The substantial crypto presence at a globally-recognized mainstream finance convention seems to defy the alleged disdain of traditional finance towards decentralized digital currencies. Secondly, the increased visibility of the crypto industry at Davos comes amid a recent market slump that also impacted the crypto marketplace. This slump has seen more than $500 billion shaved off the crypto market within the last month.

Davos Crypto Activity Roll Call

Some crypto players advertising along the Promenade included USDT stablecoin issuer Tether. The company kicked things off on Sunday by giving free pizza away on the famed strip to commemorate Bitcoin Pizza Day. This year’s Bitcoin Pizza Day was the twelfth anniversary of what is considered the first Bitcoin (BTC) transaction. In May 2010, a crypto programmer bought pizza and paid using Bitcoin.

Other crypto players in the crypto industry that featured at the Promenade in Davos were stablecoin issuer Circle and crypto brokerage Bitcoin Suisse. The duo put up catchy and elaborate signs advertising their respective businesses. In addition, purveyors of non-fungible tokens (NFTs) such as RollApp were also among featured players. In fact, RollApp’s co-founder Fernando Verboonen estimated that approximately 60% of all venues on the strip were crypto firms. “They are basically taking over Davos,” he explained.

Another crypto exec offered another perspective on the teeming number of crypto companies in Davos this year. As Sandra Ro, CEO of the Global Blockchain Business Council (GBBC) put it:

“Five years ago, we were the only crypto company on Promenade, and look at it now.”

Some of the delegates at the economic forum commented on the crypto wave, with one remarking “It’s a big step for the crypto industry, they were always anti-Davos”. In addition, another delegate stated that crypto companies were spending big at this year’s World Economic Forum.

Crypto Market Crash

The recent crypto market crash did little to deter the presence of industry players at the forum. This could be because the companies already rented spaces before the market slump. For instance, as Casper Labs COO Clifford Sarkin suggested in a media session:

“It’s been a crazy few weeks in crypto. We committed to coming here a long time ago but that wasn’t going to change. We are in a position that we are going to withstand the bear market and there will be a bull run again.”

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Business News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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