Miami city’s ambition to bring Bitcoin into its financial ecosystem is set to get additional wings to its plans. In the latest development, Dubai’s private equity investment firm IBC Group has pledged 100,000 Bitcoins worth $4.8 billion to boost the development of the Miami 2.0 Blockchain Strategy Foundation.
Chairman of Dubai’s IBC Group Khurram Shroff is reportedly behind this transaction reports Trade Arabia. The development of the Miami 2.0 Blockchain Strategy has caught pace in recent times. By the end of 2021, the blockchain platform is likely to transact around $200 billion per day.
This pledge by the IBC Group will be the biggest in the history of Bitcoin significantly boosting the adoption of digital currencies. This pledge of 100,000 Bitcoins will help fuel Miami’s ambition of integrating Bitcoin in daily transactions. Shroff said:
“Making the largest Bitcoin investment in history is proof of our commitment to assisting cities adopt Blockchain, which we see as the key to enabling widespread adoption”.
Miami Mayor Francis Suarez has been very much vocal about his support for Bitcoin investments and related services. In his latest announcement, Suarez said that Miami might soon pass legislation wherein it could invest part of the city’s treasury in Bitcoin as well as pay salaries to employees in BTC. Mayor Suarez said:
“Cities like Miami, we’re trying to attract tech town. It’s part of a larger play to position Miami as one of the most tech-forward cities in the country.”
Bringing Bitcoin (BTC) to Real-Estate
IBC Group’s Khurram Shroff has been very much instrumental in supporting blockchain and crypto-based initiatives. Mr. Shroff is also working on pushing the adoption of blockchain technology in real-estate to bring more transparency and efficiency in this sector.
IBC Group has recently partnered with US-based real-estate developer Burkhan World Investment LLC. Burkhan handles more than $1 billion worth of real-estate projects currently in Miami. Shahal Khan, Burkhan’s CEO and Founder said:
“Enabling investment into Real Estate utilising Bitcoin as a collateral asset will further enhance its use case as a tool to create a hybrid investment vehicle for BTC holders. Economical debt coupled with a favorable hedge for BTC holders in stable long-term assets such as Real Estate, are a double win for digital currency holders as well as developers and property owners.”
Apart from his interest in Bitcoin, Mr. Shroff is also an avid supporter of the Ethereum 2.0 development. Reportedly, he played a key role in helping Ethereum 2.0 Beacon Chain attain the required staking goals within the given deadline.