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

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

Earlier, the mayor of Miami, Francis Suarez, said 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 a global cryptocurrency hub. The IBC Group took these statements seriously and allocated 100,000 BTC to create a fund that will provide financial support to firms working with blockchain and cryptocurrencies.

“Such a large investment in bitcoin proves that we are truly ready to help major cities accelerate the adoption of blockchain and other emerging technologies,” said IBC Group Chairman Khurram Shroff.

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

Miami authorities will also conduct a study on whether to keep 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 in ETH in a deposit contract for staking.