MiamiCoin has generated $7 million for the city, mayor says
September 30, 2021, 6:01PM EDT
1 min read
Miami has made $7.1 million from a partnership that has its residents using a crypto protocol — and it's part of Mayor Francis Suarez longer-term vision of a tax-free city.
A new report from the Washington Post revealed Miami's partnership with the CityCoins protocol has raked in millions since the unveiling of the city's token in August. Residents hold and trade "MiamiCoin" on the protocol, which represents stake in a municipality. Those running the software earn a percentage of the coins they mint, with users getting 70% and 30% returning to the municipality.
It's early days, but Suarez is bullish on the software. He told the Post that he estimates MiamiCoin could generate $60 million for the city over the course of the year.
Suarez has beefed up efforts to make Miami more attractive to crypto businesses. He's interested in integrating city services with the Ethereum blockchain, and told The Scoop podcast that he's looking at a variety of legal frameworks to make Miami the "easiest place" to do crypto business.
"We're looking at a variety of things from being able to make payments in crypto, in bitcoin, in particular, being able to pay your taxes, being able to pay fees to the city," he said on the April episode.
Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
In this episode of The Scoop, StarkWare Co-Founders Uri Kolodny and Eli Ben-Sasson walk through StarkWare's recent fundraise and discuss how their firm is bringing affordable blockchain transactions to the masses.