Rhode Island's "Green Coin"
WHAT'S MOVING CRYPTO
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Happy Friday Everyone! 👋
Last month I told our paid subscribers about our latest crypto investment: Bridge Network. We invested then in a private round at $0.07.
This week Bridge held the public sale of $500k worth of its BRDG token at $0.20.
It sold out in 1 minute and hit an intra-day high of $1.98!!
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Having said that…let’s get to it!
Rhode Island’s “Green Coin”
Bitcoin spot ETF Down Under
Coinbase NFT launches in beta
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1. Rhode Island’s “Green Coin”
Partly due to the pandemic, Rhode Island saw a flood of Boston and New York transplants that have helped push the state’s housing shortage to 25,000 units.
This week 10 lawmakers introduced a comprehensive green housing bill that would attempt to harness the power of the blockchain to kill two birds with one stone: the housing shortage and climate change.
Under the proposal, instead of receiving a direct deposit or a check in the mail for meeting sustainable standards, the state would issue a “green coin” token as an incentive for carbon emission reduction.
Outlets for real-world applications would be created in which token holders would use the instrument to pay for things like public transportation and EV charging.
Lawmakers are hoping to get the bill to the finish line in early summer.
2. Bitcoin spot ETF Down Under
Regulators in Australia have finalized approvals for something that’s been at the top of American investors’ wish lists for years: a Bitcoin spot ETF.
Cosmos Asset Management beat out VanEck, BetaShares, and ETF Securities for the chance to launch the offering with Cosmos Purpose Bitcoin ETF which will invest in my hometown’s Purpose Bitcoin ETF (where I’m invested!).
The fund is expected to launch next Friday.
On the same day, 21Shares AG expects to debut Bitcoin and Ether funds in a move that will mark the firm’s first geographic expansion outside of Europe.
With adoption growing Down Under, Bloomberg Intelligence sees Australia as a gateway for crypto ETFs to Asia-Pacific.
Meanwhile, in the US, 82% of advisors surveyed said they preferred a spot ETF over a futures-based alternative.
Grayscale Investments—which currently offers a futures-based ETF—is waiting for an SEC decision that would allow it to convert its Grayscale Bitcoin Trust into a spot ETF.
“It really is, in our opinion, a matter of when and not if"
- Michael Sonnenshein, Grayscale Investments CEO, on a bitcoin spot ETF in the US
3. Coinbase NFT launches in beta
OpenSea, Nifty Gateway, and Rarible have new competition after Coinbase launched the beta version of its new NFT marketplace, Coinbase NFT, this week.
In addition to allowing the standard buying, selling, and creating of virtual goods, the platform will include new features that it hopes will set it apart from the others.
Some of those features include the options to upvote, downvote, comment on and share digital assets.
The goal is to get users to interact with NFTs in the same way they interact across social media.
Coinbase NFT will also connect potential buyers with featured creators based using an algorithmic feed that displays digital collectibles matched with individual user preferences.
The marketplace only works with Ethereum blockchain-linked assets right now, but the company expects to expand across multiple chains in the future.
Other “coming soon” features include minting, drops, token-gated communities, and the option to buy NFTs using a credit card.
1. The Block
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