CityCoins has appealed to the Stacks Venutres project incubator which has accepted 11 different projects to make the cryptocurrency more appealing. The appeal will be directed towards the global mayors who have the desire to utilize a digital asset in order to receive multiple rewards while bolstering their economies. For the uninformed, Stack Ventures is an incubator worth $4 million for various projects that usually enables most of the partnered city governments to bring out their own token on Stacks, with New York City and Miami City being the first ones to sign on with NYCCoin and MiamiCoin.
CityCoins About To Appeal To Stacks Ventures To Receive Projects
As a major part of this partnership, the local governments would be earning rewards from CityCoins and stake the asset in order to receive additional rewards through Bitcoin. Stacks Ventures will apparently incubate close to 11 other projects that need wireless networking, gaming, Web3, NFTs, DAOs, DeFi, and educational capabilities to the cryptocurrency.
Along with this, Stacks Ventures will also be partnering with Trevor Owens who informed Cointelegraph that generating returns through Bitcoin could definitely replace the tax base of a city. In essence, he believes that cities could definitely earn enough yield that would help them cover all costs that would have been paid otherwise through taxes by joining CityCoins.
Cities that would be using CityCoins will then be rewarded with around 30% of their fee paid through the STX that would be paid to miners of the coins. Mayors would also be able to sell their STX rewards pretty soon for USD or even stack the tokens to get some Bitcoin yield. Stacking on the network for Stacks would be quite similar to staking tokens through Ethereum.