CityCoins expanding services via 11 new incubated projects

cointelegraph.com:

The Stacks Ventures project incubator has accepted 11 projects to help make CityCoins more appealing to global mayors who want to utilize a digital asset to receive rewards and bolster their economies.

Stacks Ventures is a $4 million incubator for projects on the Stacks (STX) Bitcoin layer-2 smart contract solution. CityCoins is a project that enables partnered city governments to launch their own token on Stacks, with Miami City And New York City being the first two to sign on with MiamiCoin and NYCCoin.

As part of the partnerships, the local governments earn CityCoin rewards and stake the asset to receive additional rewards in Bitcoin (BTC).

In its second cohort of 24 projects to be incubated, Stacks Ventures will incubate 11 that add wireless networking, Web3, gaming, nonfungible token (NFT), decentralized autonomous organizations (DAO), education, and decentralized finance (DeFi) capabilities to CityCoins.

Along with the added capabilities, Stacks Ventures partner Trevor Ownes told Cointelegraph that generating Bitcoin returns could “replace a city’s tax base.” In essence, he says cities could potentially earn enough yield to cover all costs that would otherwise be paid for with taxes.

Cities that use CityCoins are rewarded with 30% of the fees paid in STX from miners of the coins. Mayors can sell their STX rewards straight away for USD or stack the tokens to earn Bitcoin yield. Stacking on the Stacks network is similar to staking tokens on Ethereum.

Miami’s Mayor Francis Suarez said last November that his city would use its rewards to generate BTC yield, which will be distributed to residents of his city.

Owens feels that adding NFTs, DeFi, and Web3 to CityCoins creates the most opportunity for prospective cities. He said