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Photo: Spin

Spin, a San Francisco-based scooter-sharing startup, is finishing up a $125 million “security token offering,” Axios has learned.

Why it matters: Some of the startup's competitors, namely Bird and Lime, have already raised hefty amounts of venture capital, while Spin has only disclosed $8 million in funding so far.

  • Security token offerings are similar to initial coin offerings, except that they're explicit securities (i.e., not utilities) and backed by real assets (in this case, Spin itself).
  • This is separate from Layer Protocol (formerly PIN Protocol), the Spin founders’ side project, “a blockchain-based reputation and rewards protocol” they plan to someday integrate with the company’s service eventually.

Go deeper

Making sense of Biden's big emissions promise

Illustration: Sarah Grillo/Axios

President Biden's new U.S. emissions-cutting target is a sign of White House ambition and a number that distills the tough political and policy maneuvers needed to realize those aims.

Driving the news: This morning the White House unveiled a nonbinding goal under the Paris Agreement that calls for cutting U.S. greenhouse gas emissions by 50%-52% by 2030 relative to 2005 levels.

Biden pledges to cut greenhouse gas emissions by up to 52% by 2030

U.S. President Joe Biden seen in the Oval Office on April 15. (Photo by Doug Mills-Pool/Getty Images)

The Biden administration is moving to address global warming by setting a new, economy-wide greenhouse gas emissions reduction target of 50% to 52% below 2005 levels by 2030.

Why it matters: The new, non-binding target is about twice as ambitious as the previous U.S. target of a 26% to 28% cut by 2025, which was set during the Obama administration. White House officials described the goal as ambitious but achievable during a call with reporters Tuesday night.

Health care workers feel stress, burnout more than a year into the pandemic

Photo: Steve Pfost/Newsday RM via Getty Images

More than a year into the coronavirus pandemic, some 3 in 10 health care professionals say they've considered leaving the profession, citing burnout and stress, a Washington Post-Kaiser Family Foundation poll out Thursday indicates.

Why it matters: Studies throughout the pandemic have indicated rising rates of depression and trauma among health care workers, group that is no longer seeing the same public displays of gratitude as during the onset of the pandemic.