The local city council has given their thumbs up and have approved the Berkeley ICO. This brings the ICO a few steps closer to fruition. The California city is not the first one in the state to accept blockchain technology. However, the city is keen on getting the blockchain ball rolling. City council officials have approved it, and the city is ready to dive into the benefits of blockchain technology through ICO. If all goes well, Berkeley will be the first city to use blockchain technology for public finance muni-bond issuance. This will be a great test run for the city to issue bonds on a public ledger. If it turns out to be successful, affordable housing projects could be the next big thing for Berkeley. The Mayor of Berkeley, Ben Bartlett has made statements that blockchain technology is a way to bypass Wall Street. The city is also looking to issue bonds that are below the minimum denomination threshold, which is currently at $5,000. Berkeley has already teamed up with tech startup company Neighborly. By using blockchain, Berkeley will avoid hefty costs with third party providers.

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