The NYCCoin is set to launch on Nov. 11 with the community-led proposal endorsed by New York City’s Mayor-elect Eric Adams.
The NY-focused cryptocurrency is being launched by CityCoins, the same firm that provides the MiamiCoin. The project utilizes the Stacks Protocol built atop of the Bitcoin blockchain to enable smart contracts and issue its coins.
CityCoins tweeted on Nov. 9 that it was activating NYCCoin mining this week after Adams stated on Nov. 4 that he wanted to have a “CityCoin for NYC” like in the case of Miami City.
Adams followed that up earlier today by posting that “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.”
Coinbase (COIN) shares have taken a hit after the firm posted a 75% decrease in net income during the third quarter.
COIN closed Nov. 9 with a 0.98% gain at a price of $357.39, however the release of the leading U.S. exchange’s Q3 report after market close has coincided with a dip of around 13.10% (at time of this writing) in after-hours trading.
Coinbase posted revenue of $1.235 billion in Q3 falling well below analyst estimates according to FactSet of $1.614 billion. The firm’s profits totaled $406 million, marking a 74.7% decrease in profit compared to the previous quarter, although it was above analyst expectations of $380M. Coinbase also reported earnings of $1.62 per share, which came in 10% short of the FactSet consensus estimate.
Visa’s head of crypto Cuy Sheffield said that investing in cryptocurrency has become a lot cooler thanks to an influx of creative types drawn in by the booming NFT sector.
Sheffield was speaking on day one of the Singapore Fintech Festival on Nov. 8. He said that a “whole new class” of mainstream users are flocking to crypto and that NFTs ar attracting people with a broad range of interests such as music, art and culture who are “setting up crypto wallets in waves.”
“Crypto is becoming cultural, it’s becoming cool,” Sheffield said, and added that:
“It used to be that if you were investing in crypto, you were kind of weird.”
Sheffield believes that blending the entertainment sectors with NFT tech could see crypto wallets become a sort of “super app” where users can discover new content related to their interests as opposed to simply a way to hold digital assets.
Visa’s head of crypto is a self-proclaimed NFT-enthusiast and spearheaded the firm’s move to snap up CryptoPunk 7610 — a female figure with a mohawk, clown green eyes and lipstick — for 49.50 Ether (ETH) in August.
Sheffield stated at the time that the move was part of a push to “gain first-hand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT.” He also hinted that the firm was looking at offering services tied to NFTs.
“The ability to track and leverage a digital asset in multiple environments could mean exciting new opportunities in ticketing, gaming music, art, and beyond,” he said.
This Daily Dose was brought to you by Cointelegraph.