U.S.-based financial services firm Fidelity Investments will allow investors to put bitcoin (BTC) into their 401(k) retirement savings accounts later this year. Employers could place a ceiling on the amount of savings earmarked for bitcoin, with the maximum cap expected to be no more than 20%. However, the move would allow several first-time investors to gain exposure to bitcoin without having to make a separate account on a crypto exchange. A 401(k) account is a company-sponsored retirement plan in the U.S. to which employees can contribute income while employers may match contributions. Employees get a tax break on the money they contribute, while contributions are automatically withdrawn from employee paychecks and invested in the funds of their choosing. Popular no-commission trading platform Robinhood ($HOOD) is cutting roughly 9% of its full-time workforce, CEO and co-founder Vlad Tenev announced in a blog post Tuesday afternoon. Tenev wrote that throughout 2020 and the first half of 2021, the company went through a period of “hyper growth” fueled by coronavirus pandemic lockdowns, low interest rates and government fiscal stimulus. Over that time period, staffing rose by almost six times from 700 to almost 3,800. Coinme allows users to buy up to $2,900 bitcoin with cash at around 21,000 Coinstar kiosks across the U.S. It's an alternative to buying and selling their bitcoin online popular among people who pay remittances. The kiosks, however, charge 4% in transaction fees – much higher than buying on the vast majority of online exchanges Paying with greenbacks comes with downsides. A reporter visited a local Coinme kiosk on Monday night to test out the service; the machine would not accept cash. According to Bergquist, Coinme’s 100,000 customers generally visit a kiosk nine times a year; they purchase $600 on average. He noted that larger states drive higher sales volumes.
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