MATIC boosted as the crypto-friendly city of Lugano integrates Polygon PoS

Residents of Lugano can make payments and access more Web 3.0 products through the Polygon ecosystem, as the city has integrated Polygon PoS into the MyLugano payment app. According to a blog post on Wednesday,

The app has added several tokens, and more are set to be unveiled, cementing the status of Lugano as Europe's most crypto-friendly jurisdiction. As mentioned in the blog post, the products meet the demands of more experienced crypto users. In a separate announcement, Polygon said the integration transforms MyLugano into an innovative payments system. Polygon PoS will open the door for MyLugano users to assess thousands of decentralised apps on the Layer-2 scaling solution.

Lugano launched its crypto app a few years ago as the city targets cutting-edge technological innovations and Web 3.0 explorations. The plan is to let residents pay the city's parking fees, public services, taxes, and student tuition fees using crypto. Users can select a range of digital assets, including Lugano's stablecoin LVGA, bitcoin (BTC), and tether(USDT).

A boost to Polygon and MATIC

The development reinforces Polygon as a leading protocol for entities and jurisdictions seeking a slice of the growing Web 3.0 arena. The Indian state government of Maharashtra is the other jurisdiction to tap into Polygon to democratise its service delivery.

Given its growing role in Web 3.0 popularity, Polygon is also working on an ambitious upgrade that will see it rebrand to Polygon 2.0. Under the new era, the protocol will usher in newer features, including unlimited scalability, unified liquidity, and multichain interactions. Polygon 2.0 era could unlock value for the native token MATIC due to increased activity on the network.

The integration on MyLugano App now makes MATIC available to over 30,000 users. Following the news, MATIC saw marginal gains of over 3%, erasing some losses over the past week. However, the gains are also part of the broad-based recoveries in the crypto sector. Optimism has been building since the news that Binance has settled its long-standing case with the U.S. Justice Department.