Despite their decentralized and inherently riskier nature, investors are still eager to pour their retirement savings into cryptocurrencies. Reporter Pat Maio looks at the rise of new players seeking to manage such funds–and how Los Angeles quickly established itself as an epicenter of the crypto IRA industry.
Here’s what else we’re reading in the news:
- Recent production delays are worrying Rivian investors.
- The WarnerMedia-Discovery merger gets cleared by regulators.
- Rocket Lab will partner with Japanese imaging company Syspective for its next mission.
- Cybersecurity startups had a record-breaking year in 2021.
Despite a rattled market and an uncertain regulatory future, cryptocurrencies continue to entrench themselves further in the mainstream. Now, the digital asset class has found relevancy in a new investment market: self-directed individual retirement accounts, or IRAs.
Twitter is putting its money where its mouth is when it comes to the blockchain, backing one of Los Angeles’ most notable crypto startups: OpenNode.
Tustin-based Happy Money, a fintech platform that helps borrowers refinance high-interest rate credit card debt, has claimed unicorn status, announcing $50 million in new funding.
Since it was founded one year ago, Endgame has quickly attracted attention from venture investors. The company locked down $17 million last summer in back-to-back funding rounds. The new Series B announced Wednesday brings its total raised to $47.5 million.
Traditional banking is changing. On this episode of LA Venture, Foundation Capital’s Zach Noorani talks about the rise of neobanks, digital wallets and new models for payment.