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Miami Votes to Get Over $5 Million from MiamiCoin Cryptocurrency CityCoin, the city-based token, announced that MiamiCoin generated $4.5 million in 40 days with "much more to come."

By Entrepreneur Staff

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Randy Faris | Getty Images

On Monday, Miami's city commission voted to access about $5 million worth of MiamiCoin, a cryptocurrency unique to the city.

Mayor Francis Suarez shared the news on Twitter, writing, "The @CityofMiami decision to accept the gift contributions generated by the @mineCityCoins Protocol-currently valued at $4.3M-represents a major milestone in Miami's quest to become a crypto innovation hub."

She added, "Funds that will directly impact the lives of all our residents!"

Related: CityCoins Announces Launch of MiamiCoin With First Exchange Confirmed

CityCoin, the city-based token, announced that MiamiCoin generated $4.5 million in 40 days with "much more to come."

For every MiamiCoin that people mine using Stacks (which has its own token), Miami gets funding. Elected leadership can use that funding "for a number of projects to benefit the city," according to a CityCoin release.

Mayor Suarez and the commission have proposed that the funds can be used for programs to mitigate the potential risks of climate change, new initiatives for under-privileged communities and crypto education and incentives for tech entrepreneurs, among other things.

"Protocol contributions will continue to replenish and grow as the MiamiCoin protocol gets more usage. Contributions are initially denominated in STX tokens, but will be auto-converted to USD when the city accesses its wallet—ensuring funds are legally compliant and available for immediate, real-world deployment," said CityCoin.

Entrepreneur Staff

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