New York set to launch NYCCoin following Eric Adams’ endorsement

New York is gearing up to roll out a CityCoin dubbed NYCCoin on November 11. CityCoins, an organization that gives communities the power to improve and program their cities, disclosed this news through a tweet on November 8. The decision to launch NYCCoin comes after Mayor-elect Eric Adams said he would want NYC to have a cryptocurrency similar to Miami’s MiamiCoin (MIA).

According to the organization, NYC is prepared to become the crypto hub that Adams wants it to be. Explaining why it believes NYC is ready to become a crypto city, CityCoins noted that the city is a global leader in matters of culture and business, which is evident in the city’s tech sector thriving despite the numerous challenges.

Examples of the tech sector expanding include Google adding 1.7 million square feet of office space in Manhattan, and Meta (formerly Facebook) securing another 2.2 million square feet in Midtown. Additionally, Apple is looking to expand into a second building in Penn Plaza.

CityCoins also pointed out that firms managed to rake in $7.50 billion (£5.54 billion) in late-stage venture funding in Q1 this year. In comparison, companies secured $15.00 billion (£11.09 billion) in the entirety of 2019 and only $1.00 billion (£0.74 billion) in 2008.

Pushing cities to embrace crypto

Commenting on this news, Adams said,

Before this, Adams vowed to support crypto, saying he would look into what inhibits the growth of the nascent asset class once he takes office. Adams also advocated for crypto education in schools to help expose students to the crypto-verse. On top of this, the mayor-elect said he would take his first three paychecks in Bitcoin (BTC/USD).

NYC’s move to embrace comes as Francis Suarez, Miami’s mayor, continues pushing for his city to embrace crypto for different use-cases, including paying taxes. Hoping to make Miami a crypto hub, Suarez has invited leading crypto firms, as well as mining firms, to set up shop in the city.

His efforts also saw Miami become the first city to launch a cryptocurrency. Since the roll-out of MIA, the coin has allegedly generated over $20.00 million (£14.78 million) for the city.