PayPal Removes Buyer And Seller Protections For NFTs

Hi NoRamp Community,

Daily News:

1) PayPal Removes Buyer And Seller Protections For NFTs

2) Crypto Wealth Firm Abra Launches New Platforms for Private Clients

3) Worldcoin Reveals ETH Chain Where ‘Verified Humans Get Priority’

4) Mercury Expands Into Consumer Banking With Mercury Personal

5) Ramp Raises Another $150M Co-Led by Khosla And Founders Fund

PayPal Removes Buyer And Seller Protections For NFTs:

• PayPal is revising its terms of service to exclude non-fungible tokens (NFTs) from its Purchase Protection Program, effective May 20, 2024. This change will remove buyer protections for NFT purchases, which previously covered items falsely advertised and paid for via PayPal.

• Additionally, PayPal will limit seller protections for NFT sales exceeding $10,000. This adjustment comes in response to the complexities and uncertainties in verifying order fulfillment and handling disputes within the rapidly evolving NFT market.

• These updates mark a shift from PayPal's previous policies, which offered more comprehensive protections for NFT transactions. The changes align with PayPal's cautious approach as it continues to explore blockchain technology and digital assets, evidenced by its support for cryptocurrencies and patent filings related to NFT transactions and royalties.

Crypto Wealth Firm Abra Launches New Platforms for Private Clients:

• Crypto wealth management firm Abra has launched two new platforms, "Abra Prime" for institutional investors like hedge funds and venture capitals, and "Abra Private" for private clients such as family offices and trusts. These platforms offer integrated services including over-the-counter trading, lending, staking, and asset management.

• Abra has received approval from the U.S. Securities and Exchange Commission to operate as a registered investment advisor through its subsidiary, Abra Capital Management LP. This marks a significant step in Abra's evolution from its beginnings as a payment infrastructure innovator to a comprehensive provider of prime services and wealth management powered by DeFi expertise.

• The firm faced regulatory challenges, including a cease and desist order from the Texas State Securities Board in June 2023, accusing CEO Bill Barhydt and Abra of securities fraud. In January, Abra reached a settlement to reimburse Texas residents, highlighting the firm’s compliance efforts as it transitions its focus to new services and winds down U.S. retail operations.

  

  Source: Decrypt

Worldcoin Reveals ETH Chain Where ‘Verified Humans Get Priority’:

• The Worldcoin Foundation is set to launch "World Chain," a new blockchain developed on a "superchain" from layer-2 provider Optimism and built atop the Ethereum blockchain. This initiative is driven by the need for a dedicated network as Worldcoin's activity on the Optimism mainnet has significantly increased, representing a substantial percentage of its traffic.

• World Chain will feature ETH as its native token and allow the use of Worldcoin (WLD) to pay for gas fees. It aims to enhance user experience by providing a blockchain "designed for humans," prioritizing verified humans over bots for block space and offering a gas allowance for routine transactions.

• The launch follows the growth of Tools for Humanity’s World ID, which has attracted over 10 million users across 160 countries since its 2022 inception. Despite controversies and privacy concerns surrounding its eye-scanning technology, the foundation has opened its core components to the public, emphasizing the privacy-preserving nature of its systems.

Mercury Expands Into Consumer Banking With Mercury Personal:

• Mercury, a FinTech known for its startup-focused banking services, has entered the consumer banking sector with the launch of Mercury Personal. This new service targets tech builders seeking to optimize their financial management without frequent direct interactions with bankers.

• Mercury Personal offers a variety of features including high-yield savings accounts, enhanced FDIC insurance, and automated money management tools. It also allows customers to set up multiple checking and savings accounts tailored to their financial goals, and enables no-fee wire transfers, ACH transfers, and check services without requiring banker interaction.

• This move reflects a broader shift in banking towards digital and mobile-first solutions that reduce the need for physical bank visits while maintaining the trust and essential services customers expect. Mercury's offering is designed to address the gap in current banking services, which either cater to lower-income individuals with basic services or high-income clients with complex needs requiring personal banker interactions.

Ramp Raises Another $150M Co-Led by Khosla And Founders Fund:

• Ramp has raised an additional $150 million at a post-money valuation of $7.65 billion, as part of an extension of its Series D round, bringing its total equity financing to $1.2 billion and $700 million in committed debt since its 2019 inception. The round was co-led by new investor Khosla Ventures and existing backer Founders Fund, with participation from other investors like Sequoia Capital and Greylock.

• Ramp, which has seen its revenue grow fourfold in 2022, is focusing on artificial intelligence to automate processes and enhance decision-making capabilities. The company, which serves over 25,000 companies across various industries, plans to use the new funds to triple down on innovation and continue its acquisition strategy.

• The company recently integrated with Microsoft Copilot to incorporate AI into its offerings and acquired AI-powered startup Venue to expand its procurement services. Ramp is actively pursuing acquisitions to bolster its capabilities, having previously acquired negotiation-as-a-service platform Buyer and Cohere.io, an AI-powered customer support tool.

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