IBC Group will allocate 100,000 BTC for the development of cryptocurrency startups in Miami

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Dubai-based IBC Group investment company will provide 100,000 BTC to create the Miami 2.0 Blockchain Strategy Foundation to support cryptocurrency startups in Miami.

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Earlier, Miami Mayor Francis Suarez announced that he plans to create favorable conditions in the city for the development of digital currencies that can be used to pay taxes and other city fees. Suarez said he intends to make Miami the world’s cryptocurrency hub. IBC Group took these statements seriously and committed 100,000 BTC to create a fund that will financially support blockchain and cryptocurrency firms.

“This massive investment in bitcoin proves that we are truly committed to helping major cities accelerate the adoption of blockchain and other cutting-edge technologies,” said IBC Group Chairman Khurram Shroff.

After Suarez announced that he intended to make Miami “a competitive capital of cryptocurrencies”, he began to attract technical staff and sent a decree to the city government, providing for the use of bitcoin for citywide purposes. The city administration of Miami has decided to search for service providers who can accept payments in cryptocurrency, as well as an intermediary through which such payments will be made.

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The Miami authorities will also conduct research on whether it is worth keeping bitcoin as a municipal asset. However, it is not known when this initiative will be implemented. Suarez has yet to comment on the IBC Group investment.

IBC Group has been investing in blockchain projects since 2014. Recall that last fall, the company took part in the launch of Ethereum 2.0, investing $ 10 million of ETH in a staking deposit contract.

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