Former New York City mayor Eric Adams endorsed a new cryptocurrency called NYC Token during a press appearance in Times Square.
Adams described the project as a commemorative digital asset aimed at tackling antisemitism and anti-Americanism.
He said proceeds from the token would support education initiatives and teach children about blockchain technology.
A substantial amount of the money that will be raised will go to nonprofits, historically black universities, and scholarships.
Eric Adams said.
Adams said he is not currently taking a salary from the project, though that could change in the future.
The token has not yet launched, according to remarks shared by reporters covering the event.
Adams reaffirmed his long-standing support for crypto, noting he previously took mayoral pay in digital assets.
I took my first three paychecks in Bitcoin and Ethereum.
Eric Adams said.
Following the announcement, multiple copycat tokens using the NYC name and branding appeared on meme coin platforms.
Adams said he intends to remain involved with blockchain initiatives after leaving public office.
At the time of reporting, Bitcoin price was $91,055.22.