MiamiCoin has now raised $24.7 million... but who will benefit?
Recently, Cointelegraph spoke to Miami Mayor Francis Suarez following the announcement that Miami residents with a digital wallet can earn a Bitcoin dividend.
The company that sets up the infrastructure to get Bitcoin dividends into the hands of citizens is CityCoins, an open-source protocol that provides fundraising mechanisms for cities.
Miami and New York City are the two inaugural cities to begin fundraising, via MiamiCoin and NYCCoin r. However, neither Miami nor New York City actually own MiamiCoin (MIA) or NYCCoin, instead their treasury wallets are full of Stacks (STX).
According to a presentation given at the North American Bitcoin Conference 2022 in Miami, by CityCoins Community Lead Andre Serrano, MiamiCoin has raised $24.7 million worth of STX, while NYCCoin has raised $30.8 million that's held in its city treasury.
In order for residents to acquire CityCoins, they must first purchase STX on an exchange like Okcoin or Binance. On Tuesday, Coinbase had planned to list STX for trading, but delayed the launch until further notice.
We are delaying the launch of trading on STX as we work to enable memo tag support for STX withdrawals on @Coinbase & @CoinbaseExch. You can still withdraw STX to any STX wallet address that does not require memo tags. We will provide updates here & on https://t.co/NeRujHDZ4w https://t.co/bmlZBv7DAa
Related: Stacks ecosystem becomes #1 Web3 project on Bitcoin
Stacks is the blockchain that seeks to make Bitcoin (BTC) programmable. CityCoins are fungible tokens built on the Stacks blockchain, and one CityCoins token contract is deployed per city. Serrano said:
He added that CityCoins can "unlock a city’s cultural value while providing new opportunities for creators,” comparing how Los
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