Tether will spend $100 million to create a blockchain valley
The USDT stablecoin company will form a fund with a capital of over $100 million. The main purpose of the fund will be the introduction of blockchain and cryptocurrencies into the economy of the Swiss city of Lugano.
The fund will support fintech startups focused on the development of cryptocurrencies and blockchain in Lugano. Part of the capital will be transferred to local companies to introduce blockchain tools into city life.
Another part of the funding will be directed to Lugano’s startup hub. More than 300 city projects are planned to open. The foundation will also provide scholarships to over 500 students from three of Lugano’s universities studying cryptocurrencies.