Tech Beat · 4 PM Update

Welcome to Tech Beat. Our top story today comes from the world of finance and technology, where Russia’s parliament has advanced sweeping new legislation to license cryptocurrency exchanges. The bill notably includes provisions that would permit the use of crypto for cross-border payments, a move analysts see as a direct tool for circumventing international sanctions. Shifting to venture capital, Cathie Wood’s ARK Investment Management has made its first-ever lead investment in a startup, but it’s not in artificial intelligence. The firm is backing a company called Lucra, which reimagines corporate loyalty programs as interactive eSports competitions. And finally in sports tech, the UCLA women’s basketball program stands alone in the Big Ten as the only team to avoid any losses to the transfer portal this offseason, a significant data point in the increasingly player-driven digital era of college athletics. Stay curious, Tech Beat out.