CityCoins lose liquidity on Okcoin exchange: Bloomberg
Quick Take
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Two CityCoins, NYCCoin and MiamiCoin, lost liquidity support to sustain trading on Okcoin, and were pulled from the exchange earlier in March.
Okcoin exchange has halted the trading of two proof-of-work tokens, the mining of which respectively supported the cities of New York and Miami, due to lack of liquidity, Bloomberg first reported.
Miami’s CityCoin got the city a $5.25 million dollar disbursement in February last year. New York City Mayor Eric Adams gave his blessing to a similar cryptocurrency, NYCCoin, in November 2021.
However, liquidity support for the CityCoins on Okcoin exchange fell below what the market could tolerate.
The CityCoins halted trading on Okcoin March 16, “until we are able to safely restore trading, but we don’t know when that will be possible,” the exchange said in a statement.
Neither of the coins is officially partnered with the cities, as noted by CityCoins website. However, Miami Mayor Francisco Suarez and Adams both previously touted the token’s virtues, and 30% of the money spent on mining each coin was to be donated to the city the coin represented, according to Okcoin.
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