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Wells Fargo’s alleged discriminatory loan practices seem to be coming with consequences as New York City has announced it will no longer open new depository bank accounts with the company, according to an official letter. AfroTech has been tracking the findings surrounding Wells Fargo’s lending practices, and as we just told you, information released by Bloomberg suggested half of the Black applicants who were looking to refinance their homes were rejected. More recently, we reported Wells Fargo received backlash for allegedly rejecting lower interest rates for Black homeowners leading to a proposed class-action lawsuit in San Francisco, CA. In response, it appears New York City is taking a stand against Wells Fargo’s alleged actions in an official statement released Friday, April 8 by Mayor Eric Adams and Comptroller Brad Lander. “As the Mayor and Comptroller of New York City, a diverse community where Black homeowners own and are the primary residents of more than a quarter of...
Mayor Eric Adams can officially cross his goal for New York City to have its own cryptocurrency off his list of goals. AfroTech previously shared that Adams had a vision of transforming New York City into a crypto hub, similar to Miami’s MiamiCoin. Now, Markets Insider reports that New York City is getting its own digital coin, NYCCoin. On Nov. 10, NYCCoin mining will be activated by CityCoins, a non-profit and open-source protocol that allows investors to support their cities by expanding their crypto treasury while earning for themselves, according to the outlet. Anyone can compete to mine NYCCoin and when digital coins are purchased or mined, 30 percent of its reward goes to the city. NYCCoin mining is officially ready to be activated! Once 20 miners interact with the contract, the mining process will activate. No mining will occur for 150 blocks (~24 hours). After that, all miners will be able to start mining NYCCoin! https://t.co/6Zf7u6nIBB — CityCoins (@mineCityCoins) November...
While the historic news of Eric Adams being elected as New York City’s second Black mayor is still fresh off the press, the politician is already ten steps ahead with his set game plan. On Nov.4, Eric Adams tweeted that he plans to take his first three city paychecks in bitcoin. The tweet came in after Miami’s mayor Francis Suarez shared that he would take his next paycheck 100% in bitcoin in response to a Twitter user asking who would be the first American politician to do so. “In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor,” Adams tweeted. “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!” In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait! — Eric Adams (@ericadamsfornyc) November...