MiamiCoin raises ~$7.1M / TikTok launches NFT collection ft. Lil Nas X

Also, U.S. Federal Reserve Chair Jerome Powell said he has no intention of banning cryptocurrencies.

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MiamiCoin has sent ~$7.1M to the city of Miami since it was first introduced in August of this year. Earlier this month Miami city commissioners agreed to accept up to $5M of the donations, which are intended to fund new government programs implemented by the city. More: CityCoins is a nonprofit and open-source protocol that lets people mine and trade cryptocurrencies tied to a municipality.  MiamiCoin relies on the Stacks cryptocurrency. Miners mint Stacks tokens and forward them to CityCoins, generating MiamiCoins. Miners who send the most Stacks tokens have the highest likelihood of being awarded new MiamiCoins. This week MiamiCoin tokens were trading for ~$.02 per coin. Zoom Out: Francis Suarez, the mayor of Miami, has become known as one of the most pro-blockchain and crypto politicians in the United States. Earlier this week, Suarez proposed setting up bitcoin mining facilities nearby the Turkey Point nuclear power plant. Using nuclear energy could help to limit the negative environmental impact of Bitcoin mining. Mayor Suarez has said that Miami is exploring the possibility of paying employees in bitcoin or allowing residents to pay fees and taxes in bitcoin. The city has become a hub for cryptocurrency companies in the last year: In June, Blockchain.com announced that it would be moving its headquarters from NYC to Miami.

TikTok has announced that it will launch an NFT collection that features Lil Nas X, GaryVee, Grimes, and more. The collection, called TikTok moments, is the social media giant's first step into the crypto arena. More: The NFTs are built on Layer 2 product Immutable and not the base Ethereum blockchain, which makes them not interoperable with the rest of the blockchain. The collection of six NFTs will start on Oct. 6 with Lil Nas being the first to go live, followed by subsequent releases from other creators. TikTok will feature the six videos at the Museum of the Moving Image in Queens, N.Y. Other creators featured in the collection include Kombucha Girl, Curtis Roach, and Coin Artist. Instead of using platforms like OpenSea, TikTok has created its own digital auction house to sell the NFTs.

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United States Federal Reserve Chair Jerome Powell has stated that he has no intentions to ban cryptocurrencies. Powell claims to have misspoken regarding CBDCs replacing private cryptocurrencies. More: The Fed chairman still maintains his view that stablecoins need greater regulatory oversight. The House Financial Services Committee met Thursday to ask Treasury Secretary Janet Yellen and Powell about the Treasury Department's and Federal Reserve’s respective pandemic responses, but the meeting also featured several questions about cryptocurrencies. Powell's remarks quell concerns over the establishment of CBDCs potentially leading to the ban of private cryptocurrencies in the U.S. as in China. Powell compared stablecoins to money market funds or bank deposits.

Billionaire investor Chamath Palihapitiya says that Bitcoin has "effectively replaced gold" at the Delivering Alpha conference on Wednesday. Palihapitiya also proclaimed that Bitcoin is “the most profound iteration of the Internet that we've seen.” More: The investor confessed that he has concerns about medium-term inflation. Palihapitiya stated he wants to own: Companies that are growing over 50% a year. Cash generative assets like mining companies. Uncorrelated assets. He places crypto in the basket of uncorrelated assets that are a hedge against inflation. Chamath also called Bitcoin "very hard to kill" in reference to the impact of regulation on the currency. Palihapitiya also called the innovations happening in Web3 "both scary and exhilarating."

Fintech company Flourish is launching a new service that will allow registered investment advisors to invest their clients' money in bitcoin. The service will be called Flourish Crypto. Flourish Crypto will be launched in partnership with Paxos Trust Company. Paxos offers cryptocurrency exchange services,   More: Flourish Crypto will be launched in partnership with Paxos Trust Company. Paxos offers cryptocurrency exchange services and works to connect financial institutions to cryptocurrency markets. Paxos, which works with PayPal and Interactive Brokers, raised $300M in April. Ben Cruikshank, the head of Flourish, said that the move was prompted by growing demand for cryptocurrency and other digital assets among institutional investors.  Flourish was acquired by insurance giant MassMutual in February. Around the same time, the 169-year-old insurance firm invested $100M in BTC and bought a $5M equity stake in New York Digital Investment Group.

Visa has developed a concept that shows how central bank digital currencies (CBDCs) can be integrated into existing blockchain networks for use as payments. The concept is called "Universal Payments Channel." More: The concept of a "Universal Payments Channel" was introduced in an article published today by Catherine Gu, Visa's Global CBDC Product Lead. The concept attempts to solve the problem of "cross-chain interoperability," acting as a "hub" and "interconnecting multiple blockchain networks and allowing for secure transfer of digital currencies." In the article, Gu uses the metaphor of a "universal adapter" to describe the role that a Universal Payments Channel could potentially serve, connecting CBDCs across countries and financial networks. Further details of the conceptual protocol are outlined in greater detail in a white paper authored by Gu and other members of Visa's research team. Visa deployed its first-ever sample smart contract as part of its efforts to develop the concept. The smart contract is on Ethereum's Ropsten testnet, and it shows a payment channel that accepts both ETH and the USDC stablecoin.

Quick Hits: Zendesk expands its reach with a new product aimed at startups — Zendesk for startups is now accepting applications!* Dolce & Gabbana’s inaugural NFT sold for $5.65M. Metaverse company Geopipe raised $2.4M, led by Village Global. A Czech royal family called The House of Lobkowicz is conducting an NFT drop next month. Here is a guide to Bitcoin tipping on Twitter. JPEG'd is launching to allow people to borrow against NFTs. Find out how you can use SMS marketing to drive clicks, sales, and combat the drops in email open rates from iOS 15.* *This is sponsored content.

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Trevor is a business researcher at Inside and holds a bachelor's degree in biomedical engineering. He writes on a wide range of topics in the business and tech stratosphere with specific interests presently being cryptocurrency and electric vehicles.  Connect with him on Twitter @trevorisonline Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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