The Miami City Commission voted to withdraw $4.5 million in MiamiCoin contributions for local projects.
In just over a month, the MiamiCoin project in Florida has seen contributions to the protocol rise to around $4.5 million. MiamiCoin is a cryptocurrency that operates on the Stacks Protocol and provides the city with a new way to fund city projects. The mining process deposits some of the crypto earned into a wallet that the City of Miami can use to help with the city’s financial needs. A MiamiCoin investment is, in essence, an investment in the city of Miami.
Miners who work with MiamiCoin earn cryptocurrency while also supporting Miami.
Once the initial mining period is over, MiamiCoin will only be available on OkCoin. In an interview with BeInCrypto, OkCoin COO Jason Lau stated:
“Miami’s decision to keep a cryptocurrency wallet in its treasury sets a precedent for forward-thinking cities across the United States and around the world. Mayor Suarez and his team, in collaboration with the CityCoins community, are ushering in a new era of civic engagement and demonstrating how municipal governments can embrace innovation to benefit their constituents. The millions of dollars generated by the MiamiCoin protocol in the last six weeks are just the beginning. More cities will follow suit and use cryptocurrency to engage citizens and fund urban development.”
“Protocol contributions will continue to replenish and grow as the MiamiCoin protocol gains traction,” according to CityCoins. Contributions are initially denominated in STX tokens, but are automatically converted to USD when the city accesses its wallet, ensuring funds are legally compliant and ready for immediate, real-world deployment.”
Miami is making money.
This is the first time Maimi has voted to claim the cryptocurrency earned by MiamiCoin since its launch in early August.
The funds will be allocated to several areas as proposed by Mayor Francis Suarez, according to CityCoins, the creator of MiamiCoin. Mayor Suarez has stated his intention to distribute the funds to programs that reduce Miami’s risk of climate change, funding initiatives to assist underprivileged residents, and educating tech entrepreneurs on cryptocurrency.
Mayor Suarez stated in a tweet about the news, “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.” Funding that will have a direct impact on the lives of all of our residents!”