The Business And Technology Network

PayPal completed its first business payment on Sept. 23, using its stablecoin PYUSD to settle an invoice with Ernst & Young LLP, Bloomberg News reported on Oct. 3.

The transaction was facilitated using software company SAP’s digital currency hub, a platform that allows businesses to send and receive digital payments instantly. The amount was not disclosed.

Stablecoin payments suitable for business

Notably, stablecoins are usually tied to retail users, especially in regions with volatile fiat currencies.

According to the “2023 Geography of Cryptocurrency Report” by Chainalysis, countries such as Argentina, Venezuela, and Mexico display high usage of stablecoins as protection against inflation and a cheaper alternative to make cross-border transactions.

Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain, cryptocurrency, and digital currency, stated that the enterprise environment is also well-suited to the usage of stablecoins.

He added that business-to-business payments, especially cross-border, are often slow and costly due to third-party intermediaries. Thus, the adoption of stablecoins in these cases offers faster settlement and is increasingly favored by businesses.

PayPal introduced services on Sept. 25 that allow US merchants to buy, hold, and sell crypto via their business accounts.

An Ernst & Young survey published in July highlighted that PYUSD is the most used stablecoin for payments, with 47% of respondents using the PayPal dollar-pegged token in their payments. The survey included accredited and non-accredited investors.

Moreover, the payments infrastructure BVNK started swapping US dollars sent to its platform through Swift for stablecoins, including PYUSD, and then sending the funds to clients around the globe.

The vice president of crypto-related business at PayPal also addressed concerns in the industry following the collapse of FTX. He explained that the partnership with such traditional giants is to demonstrate the stability and utility of PYUSD for business transactions.

The post PayPal settles invoice with EY in PYUSD first business payment appeared first on CryptoSlate.

U.K. FinTech Revolut has reportedly criticized Meta’s approach to combating financial fraud.

As CNBC reported Thursday (Oct. 3), Revolut argues that the Facebook owner should be the one to provide compensation when scammers prey upon its users.

This comes one day after Meta announced it was working with British banks MetroBank and NatWest on a data-sharing project designed to protect customers from scams.

However, Revolut said this effort “falls woefully short of what’s required to tackle fraud globally,” CNBC said, quoting a statement from Woody Malouf, Revolut’s head of financial crime.

He argues that what Meta and the banks are doing constitute “baby steps, when what the industry really needs is giant leaps forward.”

“These platforms share no responsibility in reimbursing victims, and so they have no incentive to do anything about it. A commitment to data sharing, albeit needed, simply isn’t good enough,” added Malouf.

A spokesperson for Meta told CNBC via email that its intelligence-sharing framework for banks “is designed to enable banks to share information so we can work together to protect people using our respective services.”

“Fraud is a multi-sector spanning issue that can only be addressed by working collaboratively,” the spokesperson said. “We encourage banks including Revolut to join in this effort.”

Meta’s Fraud Intelligence Reciprocal Exchange (FIRE) is a “threat intelligence sharing program” that allows banks to share information with Meta directly so the tech giant can use it to prevent online scams.

The company says an early test of the program helped bust a “significant concert ticket scam network” targeting people in the U.K. and the United States, with data shared between the banks and Meta allowing the company to take down around 20,000 scam accounts.

This is happening just days after the advent of new regulations in Great Britain requiring banks and payment companies to reimburse victims of authorized push payment (APP) fraud a maximum compensation of 85,000 pounds ($111,000).

Revolut is not the first financial institution to argue that tech companies should play a greater role in reimbursing APP fraud victims.

As noted here last month, industry lobbying groups are arguing that most APP fraud cases have their genesis on online platforms and social media sites such as TikTok or Facebook.

“The wider ecosystem, and key players in that ecosystem, have to be held to account,” said David Callington, head of fraud at HSBC UK.

Although banks need to be on guard, the financial obligations need to “sit with those other sectors as well. They need the financial incentive,” he said.

The post Revolut Accuses Meta of Taking ‘Baby Steps’ in Battling Fraud appeared first on PYMNTS.com.

The latest Surface Laptop and Surface Pro devices offer some major technology both on the outside and under the hood. And you can find all the latest options at Curry’s.

The Innova Boss is a snazzy little antenna that’s a breeze to set up but delivers only average performance.

Designed for tabletop, shelf, or wall mounting, the Bexia is flexible but an average performer.

The world’s biggest companies can’t seem to stop giving OpenAI money.

One day after securing $6.6 billion in new funding from an array of tech giants and venture capitalists, the artificial intelligence (AI) startup revealed it had established a $4 billion credit facility with nine of the world’s largest banks.

The revolving credit facility — with JPMorgan Chase, Citi, Goldman Sachs, Morgan Stanley, Santander, Wells Fargo, SMBC, UBS and HSBC — will be undrawn at closing, OpenAI said on its blog Thursday (Oct. 3).

“This means we now have access to over $10 billion in liquidity, which gives us the flexibility to invest in new initiatives and operate with full agility as we scale,” the company said. “It also reaffirms our partnership with an exceptional group of financial institutions, many of whom are also OpenAI customers.”

OpenAI announced Wednesday (Oct. 2) that it had raised $6.6 billion in new funding, bringing its valuation to $157 billion, a number that places the company in the same market capitalization territory of the likes of Uber, AT&T and Goldman Sachs.

OpenAI was last valued at $86 billion early in the year after its employees sold their shares. 

The new round was led by venture capital firm Thrive Capital, which invested $1.25 billion, sources told The Wall Street Journal (WSJ). Longtime OpenAI partner-investor Microsoft contributed a little under $1 billion, while SoftBank invested roughly $500 million, and AI chipmaker Nvidia, which invested around $100 million, one of the sources said.

Sources also told WSJ that investors who wanted to take a look at OpenAI’s financial documents were required to kick in at least $250 million.

“The AI gold rush is in full swing as investors bet big on the transformative potential of artificial general intelligence (AGI),” PYMNTS wrote Wednesday, as two other companies — Poolside and HPC-AI Tech — announced funding rounds of their own.

The investment in OpenAI, that report added, “comes amid competition in the AI sector, with tech giants and startups vying for dominance in what many consider the next frontier of technological advancement. OpenAI’s valuation reflects growing investor confidence in AGI’s potential to revolutionize industries and create new economic opportunities.”

Examining OpenAI’s transformation from nonprofit to for-profit last week, PYMNTS argued that the pivot is reconfiguring the AI world and bringing up questions about the future of innovation for the technology, and about market competition and tech sector partnerships.

“The potential shift comes at a crucial time when AI technology is becoming integrated into consumer products and enterprise solutions,” PYMNTS wrote. “OpenAI’s new business approach will likely have significant implications for its relationships with key stakeholders, notably Apple and Microsoft, while also affecting its standing among potential rivals.”

For all PYMNTS AI coverage, subscribe to the daily AI Newsletter.

The post OpenAI Liquidity Reaches $10 Billion With New Credit Facility appeared first on PYMNTS.com.

Pantera Capital CEO Dan Morehead thinks the US will have a “rational policy on blockchain” regardless of who wins November’s presidential election.

In a recent newsletter, Morehead points to Vice President Kamala Harris’ decision to mention the blockchain sector in a speech last week.

At a campaign event in Pittsburgh on September 25th, Harris spoke about the importance of the country’s technological and industrial strength.

“I will recommit the nation to global leadership in the sectors that will define the next century. We will invest in biomanufacturing and aerospace; remain dominant in AI (artificial intelligence) and quantum computing, blockchain and other emerging technologies; expand our lead in clean energy innovation and manufacturing so the next generation of breakthroughs from advanced batteries to geothermal to advanced nuclear are not just invented but built here in America by American workers.”

Morehead describes the mention of blockchain as “a very important policy leap” for Harris.

“In policy, that first step is just so hard. Once you’ve done it, it’s easy to continue along that path. Now I’m confident that whichever candidate wins, the United States will have rational policy on blockchain.”

It’s not the only time Harris has mentioned the sector: At a fundraiser in New York City last month, the vice president vowed to help grow investments in digital asset technology, according to a report from Bloomberg.

“I will bring together labor, small business founders and innovators and major companies. We will partner together to invest in America’s competitiveness, to invest in America’s future. We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors.”

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The post Pantera Capital’s Dan Morehead Says US Will Have Rational Blockchain Policy Regardless of Who Wins Election appeared first on The Daily Hodl.

The Dogecoin (DOGE) price is facing a potential shift toward a more pronounced downtrend, as recent technical signals suggest growing bearish momentum.

While selling pressure has increased, key support levels remain in focus and could play a pivotal role in determining the next move. The coming days may reveal whether DOGE continues its descent or stages a reversal toward resistance levels.

DOGE Aroon Indicator Shows A Bearish State

The Aroon indicator for Dogecoin currently shows a clear bearish trend, with the Aroon Down at 92.86% and the Aroon Up at just 7.14%. This means that DOGE has recently made a new low, while the upward momentum is weak, as there hasn’t been a recent high.

The high Aroon Down value signals strong downward pressure, indicating that the market has been trending lower. With the Aroon Up nearly flat, it reflects minimal buying interest or bullish momentum, further confirming that DOGE is in a downtrend.

The Aroon metric is a technical indicator used to identify trends and the strength of those trends. It consists of two lines — Aroon Up and Aroon Down — that measure how many periods have passed since a recent high and low, respectively. When the Aroon Up is close to 100%, it means the asset has recently made a new high, signaling strong bullish momentum.

Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know

DOGE Aroon Chart. Source: TradingView

Conversely, when Aroon Down is near 100%, it indicates the asset has made a new low, signaling a strong bearish trend. The interplay of these two lines helps traders assess whether an asset is trending, in which direction, and the potential strength of that trend.

Historically, the Aroon chart for DOGE shows frequent shifts between upward and downward movements, but at present, the prevailing sentiment is bearish. Unless the Aroon Up begins to rise significantly, suggesting a new high, the outlook remains weak for DOGE in the near term.

Dogecoin CMF Just Turned Negative

The Chaikin Money Flow (CMF) indicator for Dogecoin (DOGE) is currently reading -0.06, which signals mild bearish momentum. The CMF fluctuates between -1 and 1, and a value near zero often indicates indecision or neutral momentum. However, the fact that it is slightly negative suggests that selling pressure outweighs buying pressure.

The Chaikin Money Flow measures the volume-weighted average of accumulation and distribution over a specific period, typically 20 or 21 periods. It helps traders identify whether the market is being accumulated (buying pressure) or distributed (selling pressure).

Positive CMF values indicate accumulation or buying pressure, while negative values indicate distribution or selling pressure. The closer the value is to 1 or -1, the stronger the trend. A reading near zero suggests a balance between buyers and sellers.

DOGE Chaikin Money Flow. Source: TradingView

In recent weeks, the CMF has fluctuated above and below the zero line, indicating alternating periods of buying and selling dominance. The peaks above 0.20 in mid-August and again in late September suggest brief periods of stronger buying pressure.

However, the recent dip into negative territory, especially towards the end of the chart, confirms that selling pressure has started to regain control, though it’s not particularly strong at this moment.

DOGE Price Prediction: A Strong Correction Ahead?

Dogecoin’s (DOGE) short-term EMA lines are crossing below the long-term EMA lines, signaling a potential shift toward a bearish trend. This kind of crossover is often viewed as a warning that the market may be entering a more extended period of decline as short-term momentum weakens compared to the longer-term price average.

While the Chaikin Money Flow (CMF) indicator shows that the current downtrend isn’t particularly strong, the formation of a death cross in the EMA lines suggests that this selling pressure could intensify in the coming days.

Exponential Moving Averages (EMA) are trend-following indicators that place more weight on recent price data, making them quicker to respond to market changes. When shorter-term EMAs cross below longer-term EMAs, it often signals increasing bearish momentum, which could lead to further downside movement.

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

DOGE EMA Lines and Support and Resistance. Source: TradingView

If the downtrend continues, DOGE price is likely to test support around the $0.097 level. Should this support fail to hold, the next key levels could be $0.088 and potentially even as low as $0.080.

However, if the trend reverses, DOGE could retest its resistance levels at $0.108 and $0.11. A break above these could pave the way for a rise toward the $0.13 mark.

The post Dogecoin (DOGE) Price at Risk: Bearish Indicators Signal Downtrend Ahead appeared first on BeInCrypto.