Cryptocurrencies
Miami and New York’s Crypto CityCoins Meet Quiet Demise
- Okcoin cited low liquidity and concerns of price manipulation
- Miami’s Suarez saw token as new way to generate revenue
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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.