City of Lugano adds Polygon PoS to MyLugano payment app

The City of Lugano aims to become the blockchain capital. It would be right to assume that it is on the path to achieving that mission since it has upgraded its native payment application, MyLugano, to include Polygon PoS. This means that application users can conduct payments across the entire Polygon ecosystem while simultaneously investigating decentralized applications (dApps) built on its network.

A city in Switzerland with a small population has made it possible for over 30,000 customers of the payment app to access the PoS and experience Web3. MyLugano now features an asset section wherein one can manage their digital wallet by activating it in the same space. A large number of tokens have been integrated, with more tokens expected to make their way in the days to come.

The idea is to meet the rising needs of customers and bolster innovation in payment methods. MyLugano now supports Tether, BTC, and LVGA, Lugano’s own stablecoin. Transactions for select purposes are supported.

  • Annual taxes
  • Student tuition fees
  • Parking tickets
  • Public services

Cryptocurrencies have started to gain legal tender status with this development in a small portion of Europe.

Moving forward, the payment application is working to launch an NFT collection to support the work of Yuri Catania. This pertains to LVGA/XY Flowers, an art piece that will be on the Polygon Network as an NFT. The artist will sign it, and participants in the creation will stand a chance to win the NFT via fair distribution.

The development has shot up the price of MATIC by 3.19% in the last 24 hours, with the token exchanging hands at $0.7822 at the time of writing this article. This brings MATIC closer to surpassing the milestone of $0.85 by the end of 2023. Polygon crypto price prediction estimates that the token may even touch the value of $2.38 by the end of 2025. Assuming the ecosystem keeps up with the momentum, MATIC could potentially be traded at $3.42 by the time 2025 ends.

While its 24-hour volume has slipped by 42.10%, there is a rise of 3.42% in its market cap. Polygon is optimistic that the development and other developments like these will help the industry pursue mass adoption of Web3.

The development comes days after OKX launched the zkEVM L2 Network, which Polygon CDK powers. It connects more than 50 million users of OKX to Ethereum. OKX has partnered with Polygon SDK because it enables developers to design and launch their projects on Ethereum conveniently.

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Lugano has initiated innovation in its traditional payment system. MyLugano allows over 30,000 users to use digital tokens and settle select transactions. This aligns with the aim of becoming the blockchain capital while helping users explore Web3 and dApps built on the Polygon Network.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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