Former New York City Mayor Eric Adams announced a new cryptocurrency venture, the “NYC Token,” on Monday in Times Square, presenting the digital asset as a tool to support education and combat antisemitism. Adams emphasized that proceeds from the coin would fund awareness programs, scholarships for historically Black colleges and universities, and cryptocurrency education for New York City students.
“There’s a wave of anti-Americanism that’s sweeping not only our Ivy League college campuses, but in our inner cities,” Adams remarked, emphasizing that proceeds from the NYC Token would “zero in on ‘how do we stop this massive increase of antisemitism across our country and across the globe?’”
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Adams noted that he would not take a salary from the initiative “at this time” but left open the possibility of doing so in the future. He also clarified that while the coin has undisclosed backers, Bitcoin billionaire Brock Pierce is not involved. A nonprofit associated with the token will channel profits to groups combating antisemitism, though specific operational details remain limited.
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The former mayor highlighted his long-standing engagement with cryptocurrency, recalling that he received his first mayoral paychecks in Bitcoin and has previously promoted blockchain technology in city operations. Adams described the initiative as a way to apply modern financial technology to civic challenges and noted potential collaborations with international partners.
Despite the launch’s high-profile setting and ambitious goals, the website for the NYC Token provides minimal information about the team or the mechanics of the coin. Adams emphasized the broader objectives, linking blockchain technology to transparency and efficient governance, citing Walmart’s use of blockchain as an example of practical application.
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