Fidelity is facing backlash from The U.S. Department of Labor for allowing Bitcoin in 401(k) retirement savings plans due to volatility and a shaky regulatory environment. The agency expressed concern over the inclusion of crypto in American retirement plans, and that account holders should proceed with extreme caution. More: - Fidelity announced this week that it would let its members invest up to 20% of their retirement accounts in Bitcoin and other cryptocurrencies.
- The financial firm manages retirement plans for over 23,000 companies and 25.8 million users across the U.S.
- "We have grave concerns with what Fidelity has done," Ali Khawar, acting assistant secretary of the Employee Benefits Security Administration, told the Wall Street Journal.
- The department is telling members of the plan to exercise caution about adding cryptocurrency options to their 401(k) plans and said that the use cases need "maturing" before they're suitable for retirement plans.
- The agency cited volatility in the crypto market driven by FOMO and shaky regulations as some of the reasons to proceed with caution.
- Fidelity added cryptocurrency to the retirement accounts due to the ongoing demand from its clients.
- In 2021, Coinbase partnered with ForUsAll, a provider of 401(k) plans, to offer a similar retirement plan, but Fidelity entering this space means that crypto may end up reaching mainstream adoption.
Yahoo Finance 
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Several of Nike's Cryptokicks NFTs are selling for over $100,000. The line, called "RFTKT X Nike Dunk Genesis," allows users to customize digital sneakers. This prompts the question: would you pay over $100,000 for sneakers that you cannot wear? More: - The CryptoKicks shoe designs were created by RTFKT, a company that was acquired by Nike in Dec. 2021.
- The virtual shoes are customizable to allow customers to apply the "skin vial" feature to change the shoe color and straps.
- There are steps to buy the virtual sneakers:
- First, the user will need to buy the base sneaker. Once this transaction is complete, users have the option to add skin vials to customize the design.
- The average price starts at $6,000-10,000, and some have already sold for $100,000.
- Nike had patented Cryptokicks back in 2019, and you cannot wear these sneakers in real life or even in the virtual world.
- Snapchat's AR filter allows users to see what they would look like on their feet.
CBS
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Gate Ventures is closing its $200M capital raise by Q3 2022, with approximately 20 institutions participating in this round. The fund will invest in layer 1 and layer 2 protocols developing an open internet that prioritizes user privacy. More: - Layer 1 protocols are built upon Ethereum, whereas layer 2 is built upon third-party integration such as Polkadot.
- The fund will support projects that have cross-chain solutions and enable different blockchain interactions.
- Gaming and DeFi startups may be the focus of investment due to the interest in metaverse space.
- The company also plans to launch a $100M fund that will invest in early-stage crypto projects sometime in the future.
Coindesk
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Binance blocked crypto transactions of relatives that are linked to the Russian government. The U.S. government has imposed sanctions on the “Kremlin elites, leaders, oligarchs and family for enabling Putin’s war against Ukraine." More: - In wake of the U.S. sanctions, Binance is limiting services to accounts that are associated with the Kremlin officials.
- The reason behind the block is to prevent the Russian government from escaping the impacts of sanctions.
- As of now, the following accounts have been blocked:
- Elizaveta Peskova, daughter of Vladimir Putin’s spokesman, Dmitry Peskov.
- Polina Kovaleva, stepdaughter of foreign minister Sergei Levrov.
- Konstantin Malofeyev's son, Kirill Malofeyev.
- Peskova's account was blocked on March 3 as she tried to use Binance through a third-party brokerage. She was then sanctioned by the U.S Treasury Department on March 11.
Coin Telegraph
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The Bahamas is looking to list its Sand Dollar, the central bank's digital currency, on a crypto exchange. The Bahamian government wants its citizens to have more exposure to digital currency. More: - The island hosted the FTX Salt Conference in an effort to attract exposure, opportunity, and revenue to the region.
- Prime Minister Phillip Davis said: "The Bahamas is open for business, and it's serious about becoming a major player in the digital asset space."
- The Sand Dollar was launched in 2020, but officials have not revealed any data showing the currency's adoption.
- A survey showed that 88% of the population prefer cash payments, and only 62% feel comfortable with online banking.
- Despite low interest levels in the region, the government believes that this move will attract revenue-generating opportunities to the Bahamas.
Yahoo Finance
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Futures tracking data revealed that ApeCoin tokens lost $36M in liquidations during a 24-hour trading period. ApeCoin spiked from $19 to $27.50 this week before settling at $20.48 on Friday. More: - Liquidations occur when a trader has insufficient funds to maintain margins.
- Ape Futures have incurred millions in losses several times over the past couple of weeks.
- The volatility occurred this week as a result of virtual land sales being listed on the crypto market.
- Ape liquidations are caused mostly due to the activity of short traders:
- $24.88M worth of shorts were liquidated compared to $11M in longs.
Coindesk
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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