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In the latest blockchain news, this year’s World Economic Forum WEF has been dominated by crypto-based companies, albeit unexpectedly. The 5-day annual event, which is currently held in Davos, Switzerland, has seen a huge turnout from members of the crypto industry, despite the recent market crash that saw over $500 billion wiped out from the industry in 30 days.
Virtually A Blockchain Event As Crypto Firms Register Huge Presence At 2022 WEF
Usually, the WEF is a global event attended by some 3,000 paying members and other selected participants. The participants may include investors, government officials, economists, journalists, political figures, and economists, who meet to discuss pressing issues around the globe.
Meanwhile, during the 5-day program there usually is what is known as “The Promenade.” This is where big international firms such as Facebook-owned Meta and governments get to display their finery during the week. But quite unlike never before, the 2022 Davos promenade has been crawling with crypto companies since the forum began on Sunday.
On the same day the forum began, the company behind the popular USDT stablecoin, Tether, set up shop and gave away free pizzas. Tether did this, to celebrate Bitcoin Pizza Day — usually celebrated every 22nd of May in remembrance of the very first transaction carried out with Bitcoin. A programmer had bought two pizzas on May 22, 2010, with Bitcoin.
Joining Tether on The Promenade, however, is RollApp — a non-fungible token (NFT) store, USDC’s Circle, and a host of other crypto-based firms. In fact, according to one of the present delegates who spoke to CNBC, about 60% of the street has been taken over by crypto-related companies.
Unflinching Belief In Crypto
Notably, the crypto community having such a great representation at Davos, is a sign of the industry’s strength. Especially considering how a recent market crash saw the crypto market losing well over $500 billion within a month.
But there’s also a possibility that the companies represented at the event had made plans long before the market collapse incident.
Either way, it’s been an undoubtedly hard few weeks in the crypto space. But major players in the business are holding on strongly to their beliefs in the blockchain technology and the industry at large.
Speaking about the current outlook of the crypto space, the Chief Operating Officer COO of Casper Labs, Clifford Sarkin said in part:
“We are in a position that we are going to withstand the bear market and there will be a bull run again.”
Additionally, Sarkin claims that some good may have come out of the recent crash that happened. He explained further that the crash may have come with some positives, especially for his kind of company whose ideal clients are businesses rather than consumers.
But Sarkin’s thoughts might be understandable to an extent. While individuals who started investing in crypto may be making a run for it in these difficult times, businesses and institutions have been waxing stronger in the space.