Business News Report
February 07, 2024

Polish City Launches UrbanChange-backed Stablecoin to Empower Local Businesses

Polish City Launches UrbanChange-backed Stablecoin to Empower Local Businesses and Community Initiatives

City of Mińsk Mazowiecki in Poland launched its stablecoin MinsCoin, supported by UrbanChange, a platform specializing in USDC-backed stablecoins aimed at presenting a fresh approach for individuals to interact with local businesses and community initiatives, offering potential insights into the effects of such technologies on social interactions, economic involvement, and community cohesion.

“We’re establishing an innovative blockchain hub in Mińsk Mazowiecki. UrbanChange plays a significant role in our plans, leveraging its capacity to involve our community and contribute to our objectives in sustainability, health and wellbeing, and social activism,” said Marcin Jakubowski, the mayor of Mińsk Mazowiecki, in a written statement.

UrbanChange envisions that the MinsCoin will serve as “shopper-friendly money” circulating within the local economy of Mińsk Mazowiecki. This development marks UrbanChange’s initial venture into European Union, with plans to extend the launch of similar coins to other cities across the block.

According to UrbanChange’s whitepaper, individuals can earn LocalCoins by participating in initiatives to achieve specific social or economic goals. For instance, cities interested in promoting healthy lifestyles or public transportation might distribute LocalCoins as incentives for activities like walking or taking the bus. Whitelisted businesses are eligible to accept payments in LocalCoins. Additionally, they can enhance the circulation of these tokens by engaging in transactions with other whitelisted businesses using the LocalCoin, as stated in the document.

UrbanChange Paves the Way for Community Empowerment

MinsCoin and other stablecoins facilitated by UrbanChange result from various Web3 collaborations, including partnerships with USDC, the Algorand blockchain, and the wallet-as-a-service (WaaS) provider Magic. The UrbanChange’s development roadmap outlines further plans to deploy on Ethereum Layer 2 solutions, such as Base.

The company behind UrbanChange, Colu Technologies, is focused on creating financial solutions that empower local communities and enhance the wellbeing of cities. Established in 2014, Colu Technologies has previously crafted applications for similar projects in various cities across the United States, such as Houston, Boston, and New York.

The launch of MinsCoin in Mińsk Mazowiecki signifies a pioneering step by UrbanChange, offering a unique perspective on the interaction between individuals, local businesses, and community initiatives through blockchain technology. This highlights the growing global influence of localized digital currencies in fostering community engagement.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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