Global fashion brand Guess will now be able to accept cryptocurrency payments in Bitcoin (BTC) and Tether (USDT) in the Swiss city of Lugano, thanks to a new collaboration.
Plan B, a joint initiative of the City of Lugano and Tether, announced a partnership with Guess today to formally bring Bitcoin, Tether and LVGA payments to retail stores in Lugano.
Tether, the technology firm that powers the blockchain behind the largest stablecoin by market capitalization (USDT), and the city of Lugano created "Plan B" to accelerate crypto adoption.
Now, over 150 shops and businesses in Lugano, including McDonald's, accept Bitcoin, Tether and LVGA in addition to fiat currency as payment for their goods and services.
Customers will be able to buy clothing and accessories at the Guess boutique utilizing a POS system with Bitcoin Lightning Network technology and the three digital currencies: Bitcoin, Tether and LVGA.
A user campaign that offers 10% cashback to LVGA customers has also been announced. Additionally, in the first few months following activation, there will be zero transaction commissions.
To make Bitcoin, Tether and Lugano's own LVGA Points token officially legal tender, the Swiss city of Lugano joined forces with stablecoin issuer Tether in March 2022.
El Salvador and the Swiss city of Lugano also signed a Memorandum of Understanding on Economic Cooperation in October last year, intending to promote Bitcoin's utility.