A crypto exchange has suspended trading of cryptocurrencies dedicated to New York City and Miami, citing limited liquidity for the tokens.
Both coins earlier received support from the cities’ respective mayors, New York City’s Eric Adams and Miami’s Francis Suarez, who touted the digital assets as benefiting the community. Like any other proof-of-work token, users could mine the coins, but MIA and NYC came with a twist: 30% of the money spent on mining would be donated to the city, according to Okcoin.
The exchange suspended buying, selling and trading of NYCCoin and MiamiCoin last week, according to a March 9 statement from Okcoin. Token holders can withdraw their holdings to another wallet or keep them there. The exchange aims to restore trading of the coins “as soon as possible,” per the release.
ICYMI my interview on MiamiCoin w/ @FoxBusiness
✅The revolutionary concept of @mineCityCoins
✅Understanding how it’s generated $5M+ for the City
✅How these benefits translate into a better quality of life for Miamians pic.twitter.com/ipewPwBMdw
We're glad to welcome you to the global home of Web3! We're counting on tech and innovation to help drive our city forward. https://t.co/SY9pv1Ebct
https://twitter.com/FrancisSuarez/...
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