Tether is to Launch a 100 Million Swiss Francs Fund at Blockchain Hub in Lugano

Tether, one of the participants in the “plan ₿” project for the Swiss city of Lugano, has announced it plans to launch a fund of at least 100 million Swiss francs (about $107 million).

According to sources, the local authorities intend to allocate 3 million Swiss francs for the same purposes.

It has been reported that the funds will be used to support the integration of business-related tools into everyday life and local blockchain-focused startups. The money will also be used to fund scholarships for 500 students from three universities.

The “plan ₿” of the Swiss city of Lugano involves a revolution in the financial sector of the city, which is already quite friendly towards blockchain technology. The city authorities recognize Bitcoin, Tether (USDT) and the city’s LVGA token as legal tender.