Posted February 17, 2018 03:18:56 A new crypto startup in San Francisco has set its sights on the biggest cities in the US.
Dubbed The City of Coin, The City has announced its plans to launch a new blockchain and cryptocurrency-focused startup this year.
The startup, which launched in the city in February, says it plans to provide a solution for the city’s growing needs for a financial services platform.
Dubbing its startup the “City of Coin”, the startup aims to help solve a “complex problem” of the city, it says.
“The City of Coins is a platform that will provide a financial infrastructure for San Francisco.
This platform will bring blockchain technology to the city and the entire Bay Area,” the startup’s website says.
“We will use the blockchain technology for city-wide transactions, such as credit card processing, payment processing, payments and credit card issuances, with an end-to-end encryption.”
The startup’s platform, which it hopes will be the “first in the country” by early 2019, will be built on the Ethereum blockchain, the project’s creator, David Dao, told CoinDesk in an interview.
The City has already partnered with the University of California, Berkeley and the San Francisco Blockchain Center.
The city has also been working with a number of local startups, including CoinCrop, an open-source blockchain startup, to build the platform.
The team hopes to start with its first payment processing and processing for real estate transactions, but will expand its offerings to include other financial services as well, it said.
“We are currently looking to expand to other services, including consumer services, insurance and banking services,” the company said in a statement.
“These services will be based on blockchain technology, and will be made possible by the City’s proprietary data.
The City is in the process of building a team to support the project.”
The City’s platform is the product of Dao’s efforts to bring a “new type of financial services to the Bay Area”, according to its website.
“Our aim is to create a blockchain-powered ecosystem that connects real estate developers with their customers, and provides them with an infrastructure to process transactions,” the website reads.
“Through this infrastructure, we will also enable the city to build its own applications that can be integrated with the platform, such that users can receive payments and transact directly with their city.”
Dao has previously been working on the San Mateo County Bitcoin project, which he co-founded.
The company also says that the City of coins goal is to “build a truly decentralized platform that provides real-time access to financial services, and allows people to transact quickly and securely.”
Diao told CoinMarketCap that the company’s plans have been in the works for about two years.
“For us to have this much traction right now, we have to get the city going, and I think this is the best opportunity for us to do that,” he said.
“I think this will be a great thing for the whole Bay Area, and a huge opportunity for San Franciscans.”
The company has launched a pre-sale for the token sale on Monday, February 11, with the goal of raising $250,000.