Miami Secures $4.8B Investment from Dubai Private Equity Group

Dubai-based private equity firm IBC Group wants to help Miami become a crypto-centric city with its recent investment.

The private investment firm has pledged a startling $4.8 billion to make Miami’s dream of becoming the go-to destination for companies in the crypto sector a reality. This will see them part with an equivalent value of 100,000 BTC, according to a press release.

IBC Group Wants To Fulfill Mayor Suarez’ Dream

Khurram Shroff, Chairman of Dubai-based IBC Group, said the investment would be used to set up the Miami 2.0 Blockchain Strategy Foundation and aid other related venture projects. 

This move could see many municipal authorities begin to adopt cryptocurrencies by the end of the year. Shroff says the investment is geared towards fully integrating Bitcoin in everyday transactions.

Shroff, famously called the Arab whale, has been a crypto-lover for some years now. He is reportedly tied to the Ethereum 2.0 project currently in the works. 

So far, he has staked 100,000 ETH to see a favorable conclusion to the project. His dream is to enable digital currencies to be accepted across all aspects of economic endeavor.

IBC Group was approached by US-based real estate developer Burkhan World Investment LLC to help in the broad adoption of blockchain technology in the real estate sector, the investment group is slowly spreading its tentacles into every economic sector. 

Burkhan is said to have over $1 billion worth of real estate projects ongoing in the Magical City and feels crypto-assets will provide much-needed collateral in a fast-changing economic climate.

Shroff says he has been inspired by the enthusiasm of Miami Mayor Francis Suarez towards cryptocurrencies. 

Suarez, who is on a mission to make the coastal state the most crypto-competitive state globally, has been moving mountains in the City Council. 

The young politician had initially toyed with the idea of paying City employees with Bitcoin but soon moved into lobbying for BTC and its inherent crypto-assets to be accepted by the government.

In a 4-1 vote passed in City Hall, Suarez’s dream seems to be underway. But the city commissioners are still wary of the volatile asset. Instead, they are looking for a crypto vendor that can facilitate tax and fee payments in cryptocurrencies. 

The selected vendor will also be tasked with facilitating city payments to employees who want to be paid in digital assets. The city will also look into the feasibility of putting some of its funds into cryptocurrencies. However, the city has not announced that it will do either.

New York City Next?

In an ongoing political battle for the next mayor of the world’s financial capital New York City, Andrew Yang of Democratic persuasion announced his intention of making the Wall Street state a cryptocurrency hub when he assumes office.

Making his intentions known via a tweet on his profile, the former Presidential candidate said his dream of building a crypto-friendly state could be realized once he becomes the next mayor of New York City.

Although in contention with two others, Yang has built a crypto-following for himself due to his public backing of the foremost crypto-asset BTC. In his run-up to the mayoral race, he announced that he would be accepting BTC donations for his campaign.