After the 2022 crypto crash, fewer crypto companies were features on the Davos Promenade as the industry keeps spending in check.
Over the past few years, the Davos Promenade at the World Economic Forum has been packed with crypto companies taking over stores and cafes.
Along the Davos Promenade in 2023 there were fewer crypto companies than in previous years after the market crash. Circle, the company behind the stablecoin USDC, was one the few present.DAVOS, Switzerland — Over the past few years at the World Economic Forum in Davos, Switzerland, the number of cryptocurrency industry attendees has boomed.
One shop selling non-fungible tokens, or NFTs, has disappeared. Prices of NFTs, which are digital collectibles, also plunged last year. What's left are companies that survived the bear market and that are looking to expand their businesses. Casper Labs, a company that has built a blockchain designed to be used by businesses, is running a space on the Promenade called the Blockchain Lab. Casper Labs was also present last year in Davos.
He added that the crypto firms that have remained at Davos are "substantiative projects" and "the real deals" versus things like NFTs.Mark Haefele, chief investment officer at UBS Global Wealth Management, was asked during an event hosted by the Swiss bank what he would like to see in Davos this year. He said he had seen it already: "It's less crypto on the main street.
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