New York Will Get Its Own Cryptocurrency And Passive Income In Millions Of Dollars

CityCoins will be working with New York City as the next major city to introduce community-managed cryptocurrency. The project works with the Stacks protocol and develops city tokens that bring passive income to the city.

New York and Austin were the next candidates to create their own city token. Patrick STANLEY, the CityCoins community lead told Bloomberg:

“We voted on what city should be next. The top two choices were New York City and Austin. After Mayor Adams spoke last week, the community decided to activate New York.”

NYCCoin tokens will be available for mining on November 10th. Developers will be able to use this token to create applications for trading, lending, and the execution of smart contracts. The city's cryptocurrency will be based on the Stacks Protocol. Hodlers of the city token will be able to earn interest in both the native STX token and Bitcoin.

Image: Protocol