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The US 🇺🇸 Labor Department Tries To Flag Crypto IRAs
More and more Americans are adding digital assets to their retirement funds, with the emergence of platforms like iTrustCapital, BitIRA, Bitcoin IRA, and more.
It has attracted the attention of the US Labor Department, which has drawn a red flag over this practice, citing significant risks in its compliance report.
It also warned employers that adding crypto to 401(K) plans may attract legal scrutiny, which definitely seems like a form of a threat towards the practice.
Concerning legalities, there is no mention of assets that cannot be added to 401(K) in the Employee Retirement Income Security Act of 1974 (ERISA).
But there is one specific instruction that may go against cryptocurrencies (depending on interpretation), which is directed towards fiduciaries and it says, “show the care, skill, prudence, and diligence that a prudent person would exercise” when making investment choices “in order to minimize the risk of large losses.”
Stripe Falls in Love 😍 With Crypto Again, Rolls out Crypto Payments Feature
Stripe, a major player in the financial industry, is no novice to the web3 and crypto space. In fact, the financial services company had already rolled out crypto payments services in 2014 itself and then put an end to it in 2018.
Today, it has a considerable presence in the Web3 space, with a solid infrastructure to support the financial systems of the internet 3.0. With support for crypto payments, it has further consolidated its position in the Web3 space.
Stripe rolled out many tools and APIs to make it easy for its customers to accept crypto payments, store them, and cash out with ease. Besides, it now also supports NFT trading.
As per Stripe’s support notes, the company will offer its newly rolled out crypto services in 180 countries and will support over 135 cryptocurrencies with fiat currencies.
100ms Nabs $20M 💰 to Give Live Video Apps a Makeover
After a successful seed funding round, the India and US-based 100ms has now raised $20 million in Series A to supercharge the live video experience. With this funding round, its total funding has touched $24.5 million now.
The recent funding round was led by Alpha Wave Incubation with others like LocalGlobe, Matrix Partners India, Strive.vc, and Accel joining as well. The latter two are its existing investors.
The founders got an idea about their new venture while working on a feature at Disney+Hotstar, where they were working in full-time positions. The feature was meant to allow users to watch live cricket match streaming.
After nine months of testing and building, the founders finally rolled out the 100ms app, using which companies could go live within a week of integrating and testing.
Having experienced 20X growth in the last quarter, the company now plans to expand its team and wants to add more video engineers in the coming days.
Google and Meta Under Investigation 🔎 for Adtech Dealings in the UK 🇬🇧 & EU 🇪🇺
Google and Facebook’s supposed deal to prevent smaller players to gain any market share in the online ads space has come to the attention of the UK & EU anti-trust regulators.
The deal, which is reportedly called “Jedi Blue” is already under scanner in the United States. The case got the limelight when attorney generals from 15 US states came together to file lawsuits against both Meta and Google.
The court filings allege that even the top executives of both Google and Meta were privy to the deal, including the likes of Sundar Pichai, Sheryl Sandberg, and Mark Zuckerberg.
Around the Web 🌐
Ubisoft Faced a Cyberattack Last Week: The leading game development and publishing company, Ubisoft said that it experienced cyberattacks last week, which temporarily affected some of its games and services. But the company has denied any personal data leak so far.
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