CityCoins Annonces NYC Partnership

Earlier today I wrote about how NYC Mayor wanted to make a New York City Coin, but not much else was given about the move.

Now CityCoin has taken to Twitter to introduce itself as the developers of the coin tweeting “It’s official: CityCoins are coming to the Big Apple.....Last week, NYC’s Mayor-elect @ericadamsfornyc said that he wants to have a CityCoin for NYC like Miami's…This week the CityCoins community is responding by activating NYCCoin mining!”

A blog post on the companies website outlined the move “Over the past decade, New York City has emerged as a leading tech hub, and the city has done an incredible job at cementing itself as an innovation center,”.

"CityCoins is designed to leverage New York City's energy, creativity, and entrepreneurial zeal for the city's benefit," it added. "It will be exciting to see what New York City does with NYCCoin."

Similar to MiamiCoin NYCCoin will be mined or bought, by people who want to support the cities crypto project. These funds will then be split between cities treasury, and the rest will be up to local leaders to decide how to be spent.

The hope is that mayors will use the funds to support infrastructure, with those who invested being rewarded in Bitcoin or Stacks.

NYC Coin will be listed on exchanges after mining is made available on the 10th of November, while Miami became the first city to launch its own coin in August, already netting the tropical crypto land $20 million in revenue, it is still unknown if these projects will be successful.