The city of Miami is set to launch its own cryptocurrency, MiamiCoin, tomorrow. The token will allow people to invest in the city to fund infrastructure projects and events, according to a report by Decrypt.
- The token is being released in partnership with CityCoin, a project that facilitates cities releasing their own tokens for investment, and offering rewards in Bitcoin or Stacks, the cryptocurrency of the eponymous protocol on the Bitcoin blockchain.
- According to CityCoin’s website, Miami will be the first city to release a token under the project’s auspices, and San Francisco is due to follow suit soon. “MiamiCoin provides an ongoing crypto revenue stream for the city, while also generating STX and BTC yield for $MIA holders,” the project’s website said, referring to MiamiCoin. “MiamiCoin can be mined or bought by individuals who want to support the Magic City and earn crypto yield from the Stacks protocol. MiamiCoin additionally benefits holders by allowing them to Stack and earn yield through the Stacks protocol.”