Paxos, a company that issues and redeems stablecoins, said it processed $3 billion in customer redemptions on Tuesday over the span of seven hours. Those redemptions were for its Binance-USD stablecoin, according to a Paxos spokesperson. Paxos said it was operating its products and services normally. But the redemptions are another sign of customer jitters about crypto exchanges and...
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Don’t Build the Wrong Kind of AI Business
At a catch-up coffee a few weeks ago, a founder friend asked me, “What AI thing should we build?” It was the third time that week a founder had asked me the same question. Generative artificial intelligence is 99% of the buzz in Silicon Valley right now. In just the last few weeks, Open AI released GPT-4, its most advanced language model to date; Google announced AI for the...
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