If you have been following cryptocurrency and blockchain development news in recent months, you probably know that the South Florida region, and specifically Miami, has become the new financial technology hub of the United States. Just before the holiday season of 2021, developers started moving in droves from San Francisco and Silicon Valley to Miami. The reason for this migration is that major fintech startups want to be based out of Florida. As part of this trend, cryptocurrency custody solutions have started popping up as well, since Miami is the new hotbed for cryptocurrencies and blockchain projects.
MiamiCoin is a new token and digital wallet that allows residents of the Magic City to earn dividends on their cryptocurrency holdings. In essence, MiamiCoin is a fundraising project that is based on the Stacks (STX) blockchain. This is a utility token that works by rewarding users for holding digital assets on the Miami cryptocurrency exchange and Stacks blockchain. This concept is similar to DAOs because both give users the ability to gain financial rewards for holding coins and tokens. The difference is that the latter are decentralized autonomous organizations that do not necessarily have to be registered on a blockchain. Stacks, on the other hand, is a decentralized blockchain that is designed to be used in an investment-custody model.
MiamiCoin can be used to pay for transactions on the Stacks platform as well as paying for trading fees. The trading fees are paid in the form of STX, which is an ERC20 token. Needless to say, these tokens can be freely exchanged on major online exchanges such as Coinbase. The platform is built to be very secure and user-friendly, so it is easy to interact with.
Since the new Miami blockchain development community is very welcoming, the MiamiCoin project is designed to be friendly and easy to understand. The team is made up of people that are passionate about blockchain technology and fintech. The fact that they are making a platform that allows Miami residents to benefit from cryptocurrency will undoubtedly make them happy and bring investors into the region.
The Stacks exchange is a very modern and secure digital exchange that was launched by Stacks LLC in November 2017. This exchange was originally known as Stacks Global, but the exchange rebranded after becoming a decentralized project. The Stacks platform allows users to exchange cryptocurrency without the need for a third-party platform or brokerage. This enables investors to easily trade with one another without the need for a custodial third party.