Bitcoin Futures ETFs could hit stock exchanges soon, Coinbase is launching an NFT marketplace, and guess which country is now the world’s largest crypto mining hub? These stories and more this week in crypto.
The price of Bitcoin has crossed the $ 60,000 mark following reports that the first US Bitcoin futures exchange-traded funds may soon start trading. NYSE Arca has certified its approval to begin listing the ProShares Bitcoin Strategy ETF and Nasdaq has confirmed that shares of the Valkyrie Bitcoin ETF have been certified to be listed on its stock exchange. Bitcoin Futures ETFs are tied to Bitcoin futures contracts, rather than directly to the price of Bitcoin.
Popular crypto exchange Coinbase has announced a brand new platform dedicated to non-fungible tokens (NFTs). Known as Coinbase NFT, the platform will primarily focus on buying and selling NFT. The market is experiencing insane traffic as the waiting list 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 around the world. Dorsey explained the project’s research rationale, noting that increased distribution of cryptocurrency mining nodes helps secure a decentralized network.
Crypto exchange Binance has launched a billion dollar growth fund to promote Binance Smart Chain and the crypto ecosystem. Half of the funds will go to blockchain services, crypto games and virtual reality, with the remainder being split between a builder program, talent development and liquidity incentives.
Financial services giant Visa is teaming up with former Major League Baseball player Micah Johnson to create 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 made last month to fund a new veterinary hospital. The facility will offer both emergency and long-term care for the residents’ four-legged friends and will be known as’ Chivo Pets’, after the bitcoin wallet system installed by the country.
Francis Suarez, the mayor of Miami, plans to allow all workers in the city to be paid in Bitcoin. The proposal will also allow city residents to pay their utility bills with bitcoin and the city to hold BTC on its balance sheet. Suarez would like to see Miami establish itself as the crypto capital of the world.
The United States has beaten China as the world’s largest crypto mining center according to the University of Cambridge. Initially, China was home to around 70% of the world’s crypto miners, but after the country became hostile to crypto-related activities, many of those miners flocked to the United States, where they benefit from tariffs of cheaper electricity and a more user-friendly environment.
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That’s what happened this week in crypto, see you next week.