Miami Commissioners Green-Light $4.5M in MiamiCoin Crypto Funds

Share Article
In Brief
  • The city of Miami has voted to withdrawl around $4.5 million of cryptocurrency from the MiamiCoin project.

  • As part of the mining process for MiamiCoin, the city itself recieves a percentage of cryptocurrency to be used for city projects.

  • When the intitial mining phase ends, MiamiCoin will be available on crypto exchange OkCoin.

  • promo

    Join the BIGGEST ICO ever launched in Spain: Buy B2M now.

The Trust Project is an international consortium of news organizations building standards of transparency.

The City of Miami Commission voted to withdrawal $4.5 million in MiamiCoin contributions that will be used for local projects. 

Sponsored



Sponsored

The MiamiCoin project in Florida has already seen contributions to the protocol swell to around $4.5 million in a little over a month. MiamiCoin is a cryptocurrency that runs on the Stacks Protocol and gives the city a new way to raise funds for city projects. The mining process sends some of the crypto earned into a wallet that the City of Miami can use to help the financial needs of the city. An investment in MiamiCoin is, in essence, an investment in the city of Miami. 

Miners who work with MiamiCoin earn crypto along with helping to support Miami. 

Sponsored



Sponsored

Once the initial mining period has concluded, MiamiCoin will be exclusively available on OkCoin. Speaking with BeInCrypto, OkCoin COO Jason Lau said:

“Miami’s decision to hold a cryptocurrency wallet in its treasury is setting a precedent for forward-looking cities across the US and the world. Mayor Suarez and his team, along with the CityCoins community, are pioneering a new era of civic engagement and proving how municipal governments can embrace innovation to benefit their constituents. The millions of dollars that the MiamiCoin protocol has generated for Miami in the last six weeks is only the beginning. More cities are going to follow suit with adopting cryptocurrency to engage citizens and help fund urban development.”

According to CityCoins, “Protocol contributions will continue to replenish and grow as the MiamiCoin protocol gets more usage. Contributions are initially denominated in STX tokens but will be auto-converted to USD when the city accesses its wallet—ensuring funds are legally compliant and available for immediate, real-world deployment.”

Miami cashing in 

This marks the first time that Maimi has voted to claim the crypto earned from MiamiCoin since launching in early August. 

According to CityCoins, creator of MiamiCoin, the funds will be allocated to several areas as proposed by Mayor Francis Suarez. Mayor Suarez has stated his intent to spread the funds around to programs that mitigate the risk of climate change for Miami, funding initiatives to help underprivileged residents, and educating tech entrepreneurs on cryptocurrency.

In a tweet on the news, Mayor Suarez said that “The @CityofMiami decision to accept the gift contributions generated by the @mineCityCoins Protocol-currently valued at $4.3M-represents a major milestone in Miami’s quest to become a crypto innovation hub. Funds that will directly impact the lives of all our residents!”

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Bit2Me ICO JUST STARTED! Buy B2M token now.

Buy now!

Market signals, studies and analysis! Join our Telegram Today!

Go