Utrust and Lugano bring crypto payments to an entire city

by Arthur · October 27, 2022

Press release: Utrust, in collaboration with the city of Lugano & Tether Operation Limited, is bringing crypto payments to an entire city with a new “Plan B” initiative agreement.

October 27, Lugano, Switzerland — The city of Lugano is the largest city in the canton of Ticino, Switzerland. They are also the financial capital of southern Switzerland, strategically located between the metropolitan areas of Milan and Zurich. Part of Lugano’s appeal as a vibrant financial center is its commitment to the adoption and use of cryptocurrencies.

On March 3, 2022, the City of Lugano and Tether Operations Limited signed a Memorandum of Understanding to collaborate on an initiative called Plan B, intended to make Lugano one of Europe’s and the world’s most important hubs for digital innovation focusing on blockchain technologies. Part of this plan will always be to bring crypto payments to the whole community, giving everyone the opportunity to enjoy faster, safer and cheaper payments.

Utrust will provide crypto payment infrastructure for both public services and all e-commerce businesses. Utrust’s solution allows people to make seamless payments through cryptocurrencies such as Tether & Bitcoin (including the Lightning Network).

Utrust has created the world’s first crypto payment solution to offer instant transactions, buyer protection and crypto-to-cash settlement. Now this opportunity to offer cheaper, faster and safer payments for users worldwide and almost instant and secure global settlements at a trivial cost, available to merchants globally, will be put at the service of the entire city of Lugano.

Michele Foletti, Mayor of Lugano stated:

“In Lugano we are making living on crypto a reality. These currencies are the future of money, the benefits are obvious and we are very proud to be one of the first communities to move forward with adoption. Lugano is leading the way”.

The first part of this plan will take place at municipal level. All services provided to the city government will be paid in crypto through the Utrust widget. This includes everything from services and taxes to residents who pay taxes.

Sanja Kon, Utrust manager stated:

“Payments are an integral part of almost all economic activity, and consequently human activity. Making them easier, faster and safer, and removing intermediaries from the process, is perhaps the optimal way to improve the way we live our lives in general. Lugano’s decision to bring this technological advancement to the entire city is a huge move and Utrust is proud to be the partner of choice to make it happen.”

The second phase of the process will be to offer Utrust’s solution to all interested e-commerce merchants operating in the city. This will empower merchants not only in their local activities, but also in their ability to engage in global trade. Depending on payment processors and geography, merchants may be charged up to 12% in fees. That amount, which can easily mean the difference between profitability and bankruptcy, can be reduced by 90% with Utrust’s gateway.

Paolo Ardoino, Tether CTO stated that:

“This technology is the future. Payments should happen almost instantly, globally and at a trivial cost. Everything else is obsolete. Now, for the first time ever, an entire city will have the tools to make it a reality for tens of thousands of people. The implications is hard to overstate, and we’re thrilled to be the ones making it happen.”

Michelle Foletti, Mayor of Lugano, Sanja Kon, Utrust CEO, and Paolo Ardoino, Tether CTO, are all available for further comments and interviews

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Web3 payment technology. The radically better way to pay and get paid globally. Utrust is the leading cryptocurrency payment solution designed to modernize the financial and payment industry and solve the problems of traditional payment methods by enabling instant transactions, buyer protection and instant crypto-to-cash settlements for merchants.

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Utrust is the source of this content. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest