Bitcoin Futures ETFs could come to exchanges soon, Coinbase is launching an NFT marketplace and guess which country is now the biggest crypto mining hub in the world? These stories and more this week in crypto.
The price of Bitcoin surpassed the $60,000 mark following reports that the first U.S. Bitcoin futures exchange-traded funds could start trading soon. NYSE Arca certified its approval to begin listing ProShares Bitcoin Strategy ETF and Nasdaq confirmed that shares of Valkyrie’s Bitcoin ETF had been certified for listing on its exchange. The Bitcoin Futures ETFs are tied to Bitcoin futures contracts, rather than directly to the price of Bitcoin.
Popular crypto exchange Coinbase has announced a whole new platform devoted to non-fungible tokens (NFTs). Known as Coinbase NFT, the platform will focus primarily on buying and selling NFTs. The marketplace is seeing an insane amount of traffic as the waitlist already exceeds 1.4 million users.
Square CEO, Jack Dorsey revealed that Square is exploring the possibility of building Bitcoin mining hardware. The Bitcoin mining system would be based on custom silicon and open source for individuals and businesses worldwide. Dorsey laid out the reasoning for researching the project, noting that increased distribution of cryptocurrency mining nodes helps secure a decentralized network.
Crypto exchange Binance has launched a $1 billion growth fund to promote the Binance Smart Chain and the crypto ecosystem. Half of the funds will go to blockchain services, crypto gaming, and virtual reality with the rest spread between a builder program, talent development, and liquidity incentives.
Financial services giant Visa is partnering with former Major League Baseball player Micah Johnson to build a program that will support artists who want to use NFTs to sell their work. Visa will select a small group of creators through an application process and then help them learn about the crypto and blockchain industry.
El Salvador has announced plans to use $4 million in bitcoin profits it’s made over the past month to fund a new veterinary hospital. The establishment will feature both emergency and long-term care for residents’ four-legged friends and will be known as “Chivo Pets,” after the bitcoin wallet system the country installed.
Francis Suarez—the mayor of Miami—is planning to allow all city workers to be paid in Bitcoin. The proposal will also permit residents of the city to pay utility bills with bitcoin and allow the city to hold BTC on its balance sheet. Suarez would like to see Miami cemented as the crypto capital of the world.
The U.S. has beaten China as the world’s biggest crypto mining hub according to the University of Cambridge. Initially, China was housing approximately 70% of the world’s crypto miners, but after the country became hostile to crypto-related activities, many of these miners have flocked to the United States, where they enjoy cheaper electricity rates and a more friendly environment.
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That’s what’s happened this week in crypto, see you next week.