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PayPal launches a new crowdsourced fundraising platform, the Generosity Network

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PayPal is expanding its fundraising efforts with today’s launch of the Generosity Network. Unlike the PayPal Giving Fund, which helps people support charities through online donations, the new Generosity Network lets people raise money for themselves, other individuals in need, or organizations like a small business or a charity. This puts the network more directly in competition with other crowdsourced fundraising platforms, like GoFundMe or Facebook Fundraisers, for example.

At launch, the Generosity Network will be open to PayPal customers in the U.S. only and will allow them to create fundraising campaigns of up to $20,000 over a 30-day period.

The company says it was motivated to create the new service after seeing the growth in the peer-to-peer fundraising market following the coronavirus outbreak. It also noted the pandemic has made it difficult for traditional charitable organizations to raise as they had before. More than half of charities in the U.S. now expect to raise less money than in 2019 as a result of the economic hardships driven by the pandemic, PayPal said, citing a survey (PDF) by the Association of Fundraising Professionals.

In addition, over 65 million Americans filed for unemployment at some point over the course of the pandemic, PayPal says, which often led to them turning to family, friends and their community for extra support.

This isn’t the first product PayPal has developed that focused on social fundraisers. A few years ago, it launched Money Pools, which would let friends and family donate towards a shared expense — like a surprise party, group gift, travel fund, and more. The Generosity Network is an expansion on that earlier effort.

The new Generosity Network fundraisers can be created directly from PayPal’s website and donations are deposited directly into the organizer’s account for them to distribute as needed. The campaigns are also more broadly shared on the Generosity Network platform, which allows them to reach millions of more people than the organizer may have been able to reach through their own posts and shares across social media and the web.

Already, PayPal users are raising funds for disaster relief, funeral expenses, medical expenses, community efforts, and other organizations.

Like other fundraising platforms, PayPal’s Generosity Network will include fees. But, at launch, the website says it’s waiving those fees for donations made through credit and debit cards for a limited time. Cross-border fees and currency conversions fees will still apply, however.

For comparison, Facebook doesn’t charge fees for donations to charitable organizations, but does for personal fundraisers. (In the U.S., it’s 2.60% + $0.30). GoFundMe’s U.S. transaction fees are $2.9% + $0.30.

We’ve asked PayPal to disclose its fees schedule for the new platform and will update if one is provided. (The website offers no information about fees, in fact — its FAQ even links to the Money Pools FAQ, which seems to imply this Generosity Network is not yet a fully-fleshed out product.)

PayPal is likely hoping to acquire users during the increased fundraising that generally occurs over the holiday season, and believes that a platform that waives fees will give it an edge against the established competition.

“From collecting money for grocery deliveries to high-risk populations to fundraising campaigns in support of teachers and frontline workers, we’ve seen an outpouring of generosity from the PayPal community using our platform to help one another during this unprecedented year,” said PayPal VP of Giving, Oktay Dogramaci, in a statement. “The Generosity Network was designed to provide an accessible, easy and secure way for our customers to raise money on behalf of causes, and connect them with millions of PayPal customers who can offer their support this holiday season and beyond,” he said.

 

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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iPhone zero-click Wi-Fi exploit is one of the most breathtaking hacks ever

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The screen on the iPhone 12 Pro Max

Enlarge / That’s a lot of screen. (credit: Samuel Axon)

Earlier this year, Apple patched one of the most breathtaking iPhone vulnerabilities ever: a memory corruption bug in the iOS kernel that gave attackers remote access to the entire device—over Wi-Fi, with no user interaction required at all. Oh, and exploits were wormable—meaning radio-proximity exploits could spread from one near-by device to another, once again, with no user interaction needed.

This Wi-Fi packet of death exploit was devised by Ian Beer, a researcher at Project Zero, Google’s vulnerability research arm. In a 30,000-word post published on Tuesday afternoon, Beer described the vulnerability and the proof-of-concept exploit he spent six months developing single handedly. Almost immediately, fellow security researchers took notice.

Beware of dodgy Wi-Fi packets

“This is a fantastic piece of work,” Chris Evans, a semi-retired security researcher and executive and the founder of Project Zero, said in an interview. “It really is pretty serious. The fact you don’t have to really interact with your phone for this to be set off on you is really quite scary. This attack is just you’re walking along, the phone is in your pocket, and over Wi-Fi someone just worms in with some dodgy Wi-Fi packets.”

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Cultured meat has been approved for consumers for the first time

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The first lab-grown, or cultured, meat product has been given the green light to be sold for human consumption. In the landmark approval, regulators in Singapore granted Just, a San Francisco–based startup, the right to sell cultured chicken—in the form of chicken nuggets—to the public. 

Just had been working with the regulators for the past two years and was formally granted approval on November 26. Singapore’s regulatory body assembled a panel of seven experts in food toxicology, bioinformatics, nutrition, epidemiology, public health policy, food science, and food technology to evaluate each stage of Just’s manufacturing process and make sure the chicken is safe to eat. “They didn’t just look at the final product; they looked at all the steps that led to that product,“ says Josh Tetrick, Just’s cofounder and CEO. “We were impressed with how thoughtful and rigorous they were.”  

An as-yet-unnamed restaurant in Singapore will soon be the first to have Just’s cultured chicken on the menu, but Tetrick says he plans to expand after that. “We’ll go from a single restaurant to five to 10 and then eventually into retail and then after that, outside Singapore,” he says. 

Most cultured meat is made in a similar way. Cells are taken from an animal, often via a biopsy or from an established animal cell line. These cells are then fed a nutrient broth and placed in a bioreactor, where they multiply until there are enough to harvest for use in meatballs or nuggets. A slew of startups have been founded using variations on this approach, in the belief that cultured meat will appeal to flexitarians—people who want to reduce the amount of meat they eat for ethical or environmental reasons, but don’t want to give it up entirely.

The budding industry has progressed a long way since a $330,000 burger was famously cooked on TV in 2013, driven by the idea that if it’s done right, meat could be produced with far lower greenhouse-gas emissions and zero animal suffering. But cost is still a hurdle: the high price of the growth factors required to develop the cells mean the price tags for pure cultured meat products are still measured in hundreds of dollars per pound, far too expensive to compete with regular meat. So Just’s first chicken products will be chicken “bites” that use cultured chicken cells mixed with plant protein—although Tetrick wouldn’t say in what proportion. “Chicken nuggets are already blended—this one wont be any different,” he says. The bites will be labeled as “cultured chicken” on the restaurant’s menu.

Singapore’s decision could kick-start the first wave of regulatory approvals around the world.

“We are hoping and expecting that the US, China, and the EU will pick up the gauntlet that Singapore just threw down,” says Bruce Friedrich, executive director of the Good Food Institute, a nonprofit that works in meat alternatives. “Nothing is more important for the climate than a shift away from industrial animal agriculture.”

While Just has beaten them to the punch, many big firms are already working with regulators to get their own products to market. This is not something to be rushed, Friedrich says: “It is critical for cultivated meat companies to be extra careful and to go beyond consumer expectation in ensuring consumer comfort with their products.”  

Memphis Meats, which counts Bill Gates, Richard Branson, and traditional meat manufacturer Tyson Foods among its many investors, has teamed up with a number of other firms, including Just and cultured-seafood makers BlueNalu and Finless Foods, to form a lobbying group that is working with US regulators to get their products approved.

The way that might actually happen was only hammered out relatively recently. In March 2019, it was announced that the FDA would regulate the early stages of the cultured-meat process, including cell banks and cell growth. The US Department of Agriculture’s Food Safety and Inspection Service will then take over at the cell harvesting stage and will inspect production facilities and approve labels used on cultured-meat products. In Europe, companies must apply for authorization and meet the European Union’s regulation on novel foods. The process is likely to take at least 18 months, and no cultured-meat company has yet applied.

Both Singapore and Israel have actively made themselves welcoming to startups in plant and cultured meat, Freidrich says. Governments should follow their lead and start treating this like initiatives in renewable energy and global health, he says.

“We need a space-race-type commitment toward making meat from plants or growing it from cells,” he says. “We need a Manhattan Project focused on remaking meat.”

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Longtime investor and operator Adam Nash says he just launched a new fintech startup

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Adam Nash, a Silicon Valley-born-and-bred operator and investor, is back at it again.

Today, on his personal blog, he announced that he has started a consumer fintech company that has already garnered initial funding from Ribbit Capital, along with other “friends and angels” who appear to have also pitched into the round, including Box CEO Aaron Levie, Mighty Networks founder Gina Bianchini, Superhuman founder Rahul Vohra, and Amy Chang, who sold her startup Accompany to Cisco in 2018.

Nash didn’t reveal many details in the post or later on Twitter, saying he’ll have more to say when the company is closer to launching. All we really know at this point is that he cofounded the company with Alejandro Crosa, an Argentinian software engineer who most recently spent five months at Slack but logged more than three years at both Twitter and LinkedIn before that.

Nash said on Twitter that the two met at LinkedIn, where Nash was himself VP of product management for four years beginning in 2007. It’s a good detail to know, considering that Nash has logged time at a wide variety of tech outfits over the years, making it hard to guess at whom he knows and from where.

A computer science graduate of Stanford, where he later nabbed a master’s degree, Nash began his career interning at NASA, HP, and Trilogy before landing his first big job as a software engineer at Apple in 1996 (when former PepsiCo exec, John Sculley, was briefly running the place).

After moving on to a bubble-era company that no longer exists, Nash tried his hand at VC for the first time, joining Atlas Venture as an associate. To get more operating experience, he then jumped to eBay, where he was a director; LinkedIn, where he met Crosa; then Greylock, where he spent just over a year as an entrepreneur-in-residence (EIR) before joining the wealth-management startup Wealthfront as its president and CEO, a job that the company’s original CEO and founder, Andy Rachleff, reclaimed in 2016.

Nash didn’t disappear from the scene. Instead, he rejoined Greylock as an EIR for another year before joining Dropbox shortly after it went public in 2018 as its VP of product and growth, leaving that post back in February to start his own thing, he said at the time.

That Nash would start a fintech company specifically isn’t surprising, considering his involvement with Wealthfront, as well as some of the personal investments he has made in recent years.

In 2018, for example, he wrote a check to LearnLux, a five-year-old, Boston-based educational startup that helps employees better understand their 401k, health savings accounts, and stock options. He is also an investor in Human Interest, a five-year-old, San Francisco-based startup that offers automated, paperless 401(k) plans.

Nash is also riding a very big wave.  According to Pitchbook, consumer fintech is on pace to attract a record amount of venture funding in 2020, at least in North America and Europe.

We’ll let you know more about what Nash is building as soon as he’s ready to share more. The little that Nash is saying publicly for now is that he and Crosa believe there is “still a lot more to do in consumer fintech, and that through software we can help bring purpose to the way people approach their financial lives.”

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