PayPal To Launch A More Stable Crypto…And Other Small Business Tech News This Week

Here are five things in technology that happened this past week and how they affect your business. Did you miss them?

1 —PayPal is inching closer to launching its very own stablecoin.  

PayPal announced this past week that it plans to roll out its own PayPal Coin that will be supported by the U.S. Dollar. The announcement didn’t detail just how close PayPal is to launching it. According to reports, PayPal would need to have clear guidelines on regulations and the required licenses. Additionally, the stablecoin would have to be secure and support payments at a large scale. (Source: Yahoo Finance

Why this is important for your business:

Arguably the biggest problem with all cryptocurrencies is their volatility. It’s what’s keeping many mainstream businesses – and small businesses – from adopting this type of payment method. But stablecoins may be the answer. As Bob Mason explains “Stablecoins are virtual currencies. Unlike cryptos such as Bitcoin (BTC) and Litecoin (LTC), the values are pegged to traditional assets. These can include the U.S Dollar, in the case of USD Tether (USDT) or even gold in the case of gold-backed Paxos Gold (PAXG) stablecoin.” If this model works it could open up the door for other digital currencies to take similar steps.

2 — Here are some ways that new HR tech can help companies combat the Great Resignation.  

Since the start of the pandemic, companies have been dealing with widespread resignations leaving them with massive talent shortages. There are some emerging HR technologies that can help companies gauge how their employees are performing and feeling which could help retain talent. Some of the technologies include CultureAmp and Workvivo, which can help monitor employee satisfaction. Other platforms like BetterUp and Torch help employees keep their mental health top-of-mind. Source: (Fast Company)

Why this is important for your business:

Fast Company’s Kevin Diestel did a great job addressing how different HR technologies are being used by both large and small enterprises to help address the issues of performance, productivity, mental health and diversity. You should check out some of these apps and services.

3 —Lootex has raised $9 million for its blockchain metaverse marketplace.

Lootex announced this past week that it recently raised $9 million with plans to use the funding to develop its anticipated metaverse marketplace. Once it is done, gamers would potentially have the ability to buy and trade items across numerous blockchains. Lootex shared that currently its marketplace backs more than 12,000 NFTs distributed over 500 collections. (Source: Venture Beat)

Why this is important for your business:

In the Metaverse, people and businesses will soon be buying and selling digital items – furniture, artwork, buildings, supplies – in order to create their own unique world that will be cool for their visitors and fun to display. This is not so different than the real world, right?

4 — Best Buy is jumping into the burgeoning retail media-network space.

Best Buy announced this past week that it is rolling out its re-designed media firm called Best Buy Ads. According to the retail chain, it interacts with customers 3 billion times in a year. The company shared that its in-house firm could assist all brands, not just those focused on electronics, reach audiences. Best Buy Ads will help shoppers find offers, services, and products. (Source: Morning Brew)

Why this is important for your business:

Internal advertising is an enormous trend in retail this year. Think about it: people walk around your store and are being hit with ads – via video, signs, etc. – promoting products you’re selling. You sell the ad space to the brands and suppliers. You also sell their products. It’s a new and potentially lucrative revenue stream that can make the difference for retailers of all sizes.

5— Novo has raised $90 million to reimagine small business checking accounts.  

Small business banking platform Novo announced this past week that it has raised $90 million in funding. The additional funding will help the company make massive improvements in helping small businesses with their cash flow by allowing them to have access to their funds faster than ever before. The funding will also help Novo build out more efficient integrations and lending processes so that small businesses can speed up the way they send and receive money. (Source: Business Wire)

Why this is important for your business:

As online banking continues to become more accepted by smaller companies, banks like Novo are expanding their services to provide services that are backed with FDIC insurance, with no hidden fees, no monthly fees or minimum balance requirements, simple, easy-to-use mobile apps, free transfers, mailed checks, and incoming wires that integrate with many small business tools.