Latest news with #ScottStuart
Yahoo
14-05-2025
- Business
- Yahoo
Rite Aid really doesn't want you to transfer your prescription to another pharmacy while it tries to sell itself
Bids are due on Tuesday for companies hoping to acquire Rite Aid's prescriptions business, which it calls 'its most valuable economics assets.' While the pharmacy chain has indicated that there are multiple potential buyers, it has also warned of risks to itself and its customers if a buyer doesn't step up quickly. 5 Navy SEAL strategies to turn stress into success in any situation Microsoft layoffs today: Tech giant cuts around 6,000 jobs, nearly 3% of workforce, including at LinkedIn Going 'AI first' appears to be backfiring on Klarna and Duolingo The Philadelphia-based chain filed for Chapter 11 bankruptcy protection last week, and as part of its court filings, Rite Aid said a timely sale is necessary to minimize 'significant' customer attrition that could erode the value of the company's assets. If the sale of Rite Aid's pharmacy assets is done in a 'disorderly and ad hoc manner,' the company said, then customers with prescriptions—not just at Rite Aid but at competing pharmacies—could also face service disruptions if other pharmacies are 'inundated with requests and cannot efficiently process' the transfer of prescriptions. Rite Aid is a distant third to CVS and Walgreens, though grocery store chains like Walmart to Albertsons also have pharmacy divisions. Still, Rite Aid said it fills more than 100 million prescriptions a year, which could equal a lot of extra time and labor for nearby pharmacies on the receiving end of transfers. 'Those pharmacies must receive legal prescriptions, integrate them into their systems, acquire a sufficient supply of medication to fill the prescriptions, and be staffed to handle the additional prescriptions,' the pharmacy chain said in the filing. 'This is no small task.' Reached for comment by Fast Company, Rite Aid emphasized that its customers can continue to access services such as prescriptions and immunizations during the sale process and that it is still in 'active discussions' with potential buyers. The company didn't directly respond to questions about potential bidders or how much customer attrition it has seen so far. Rite Aid previously filed for bankruptcy in October 2023 and it's very unlikely there would be a third bankruptcy, says Scott Stuart, CEO of the Turnaround Management Association in Chicago. 'This is it for Rite Aid,' he says, adding that the dynamic explains why the company wants a rapid and successful sale of its assets. 'While there's some urgency, for sure, the court will have to make the determination if the urgency is as great as they're making it out to be,' Stuart says. What also remains to be seen is what will happen with the 1,200-plus stores that Rite Aid currently operates in 15 states. The company is looking to sell its assets in two phases, with the pharmacy business up for auction first. In court documents, it has already marked dozens of locations for closure, saying it saw 'limited to no value' in keeping them open. Once the sale process is complete, all Rite Aid stores will either be closed or sold to other owners. It's difficult to speculate about the future because there are several different potential scenarios for the outcome of these auctions, says Sarah Foss, a bankruptcy attorney and head of legal at Debtwire, who has been tracking the company's filings. Because of the licenses and regulations related to filling prescriptions, there is a limit to the number of buyers that could step up to buy Rite Aid's pharmacy assets, she adds. It's likely the pharmacy assets will be absorbed by one of the standing pharmacy brands, Stuart adds. That's not necessarily a bad thing, he adds, because these chains have already been rethinking their retail footprints and some consolidation is necessary. There could be 'some' fearmongering at play by Rite Aid about the risks of disruptions to pharmacy care, though competitors may be incentivized to sit back and await an influx of customers that will naturally flow to them, says Joe Camberato, CEO of National Business Capital, a lending platform for business owners. But pharmacy customers who choose to go to competitors to get their prescriptions filled upon hearing of the bankruptcy and impending sales could mean the value of Rite Aid's assets deteriorate quickly, which is a valid risk for debtors, Foss says. That said, because customers have prescription needs ranging from ad hoc to those that are regularly filled, customer attrition may be less problematic if the pharmacy assets are sold quickly, she adds. 'We should know by the end of week with a little more clarity what's going to happen,' Foss says. There may be a silver lining here for customers because a degree of reinvention and innovation is sorely needed in these pharmacy-retailer chains, Camberato says. Whereas Walgreens has been working to automate the prescription filling process to speed things up, for example, Rite Aid dragged its feet, he adds. While it's unfortunate to see a company as big and familiar as Rite Aid go bankrupt, Camberato says it could be part of a long-overdue reset for an industry that hasn't evolved in years. 'If it pushes the rest of the industry to actually improve the customer experience, streamline operations, and treat pharmacy workers better,' he says, 'then maybe something good comes out of it.' This post originally appeared at to get the Fast Company newsletter: Sign in to access your portfolio
Associated Press
30-04-2025
- Business
- Associated Press
Kava AI Tops 100k Users, Sets Stage for AI Agent to Automate Complex DeFi Strategies
Upgraded blockchain-native AI enables DeFi execution impossible for centralized models, with autonomous agents rolling out and privacy-preserving features baked in. A new alliance with DeXe promotes transparent, community-governed decentralized AI. SAN FRANCISCO, CA / ACCESS Newswire / April 30, 2025 / Kava, a global pioneer in decentralized blockchain solutions, today announced the release of a major update to its artificial intelligence platform, Kava AI, featuring an independently optimized, blockchain-native AI model. Marking a significant milestone, the updated Kava AI has already surpassed 100,000 users, becoming the most widely adopted decentralized blockchain-native AI. Unlike traditional centralized AI services, Kava AI leverages a fully decentralized, blockchain-native architecture built upon an independently optimized open-source model. Through targeted enhancements, Kava AI achieves exceptional performance in blockchain-centric operations-ranging from crypto tasks and smart contract interactions to complex decentralized finance applications. 'This is a groundbreaking moment for blockchain, artificial intelligence, and the potential unlocked with stacking these technologies,' said Scott Stuart, Co-Founder of Kava. 'We've created an AI model that is truly decentralized, open-source, and transparent - built from the ground up for the blockchain ecosystem. Surpassing 100,000 users is a powerful validation that this approach resonates deeply and delivers real value. Decentralized AI isn't just a concept; it's here now, and it's thriving.' To complement this powerful foundational intelligence, Kava also announced a major update to Kava AI today at Token2049 Dubai. Building upon Kava AI's advanced general reasoning capabilities akin to a decentralized ChatGPT optimized for blockchain, the significant upgrade delivers an AI-powered execution layer for DeFi built to unlock the next wave of alpha opportunities. It acts as a frontend interfacing with various protocols across the Web3 ecosystem. Kava AI's enhanced execution capabilities are designed around several key functionalities planned for phased rollout. Future iterations will leverage its AI-powered intelligence to aggregate insights from multiple protocols across leading blockchains, providing a strategic edge with relevant, real-time data to help traders spot alpha opportunities first. Once an opportunity is identified, Kava AI is designed to act as an execution layer for simple and secure DeFi access, enabling seamless interactions like swaps, lending, and staking across various chains. Furthermore, the roadmap includes utilizing autonomous AI agents for always-on optimization, automating execution, refining strategies, and streamlining complex DeFi actions efficiently, 24/7. These advanced autonomous features are slated for release later in 2025, demonstrating how one protocol, covering multiple chains, can ultimately work with full automation. 'With Kava AI providing blockchain-native intelligence and delivering the seamless execution layer, we are creating a powerful synergy,' continued Scott. 'Users need both sophisticated understanding and the ability to act decisively in DeFi. This major update unlocks the practical power of Kava AI for advanced crypto tasks, making DeFi interactions smarter, faster, and automated. This ecosystem approach-transparent intelligence paired with effective execution-is the future. It is fundamentally about trust, respecting privacy, ensuring data sovereignty, and operating transparently - this is what it looks like to build AI technology responsibly.' To further strengthen the decentralized AI ecosystem, Kava also announced a strategic partner in DeXe, a leading DAO infrastructure provider specializing in decentralized governance. The two organizations share a vision for building open, community-governed AI systems and are aligned on a path toward future collaboration, including future technical integrations and co-developed solutions. 'We're at a pivotal moment where AI governance will shape its societal impact for generations. At DeXe, we believe the future lies in open, decentralized systems that align technology with the public good,' said Serhii Kravchenko, Core Contributor at DeXe DAO. 'Our partnership with Kava unlocks AI's full potential through DAO infrastructure, creating systems that are transparent, fair, and community-driven.' This growing ecosystem, further strengthened by collaborating with DeXe, is built upon the tangible success and unique features of Kava AI itself. Key factors propelling this success include unique, culturally resonant user experiences-particularly in the Asia-Pacific region, coupled with its user-friendly interfaces and uncompromising commitment to privacy. With distinct control settings built directly onto the blockchain, people will choose between a fully anonymous experience, a streamlined free option, or premium enhanced features accessible via crypto payments, all without sacrificing security or decentralization. Unlike other open-source models that route user data through centralized jurisdictions-such as DeepSeek, which directs user information through servers in China with minimal protections-or centralized U.S.-based providers that offer limited transparency and control, Kava AI uniquely combines data sovereignty, transparency, and user-driven privacy. Users maintain control over their data, selecting between fully anonymous interactions or synchronized experiences with clear consent, protecting privacy. Additionally, because Kava AI is open-source and blockchain-native, every model update is developed with direct community involvement. This ensures trust and empowers people around the world to influence and shape the direction of their artificial intelligence experience. Today's dual announcements at Token 2049-highlighting Kava AI's significant user adoption and the launch of the Kava AI DeFi execution layer-represent more than an achievement for Kava alone. They signify a meaningful shift in how AI can be developed and delivered, showcasing that powerful, scalable artificial intelligence does not need to rely exclusively on centralized infrastructure. By showing how a decentralized AI ecosystem can provide both superior intelligence and effective execution, Kava has opened a new chapter in the evolution of both blockchain technology and artificial intelligence. To learn more about Kava AI's breakthrough decentralized model and the Kava ecosystem, visit About Kava Kava is a decentralized blockchain platform merging the speed and interoperability of Cosmos with the powerful developer ecosystem of Ethereum, dedicated to leading the global transition to Web3. Supported by over 100 active validators and home to more than 125 decentralized applications (dApps), Kava enables secure asset management, processing billions of dollars in on-chain transactions. With programs like Kava Rise, an incentive-driven developer initiative, Kava fosters a dynamic multi-chain environment where creators and developers of all sizes can launch, scale, and grow innovative crypto projects. Kava remains committed to open innovation through initiatives including Kava AI, its foundational blockchain-native, decentralized artificial intelligence platform emphasizing transparency and privacy, and now its AI-powered execution layer for DeFi. By integrating advanced artificial intelligence capabilities across general reasoning and Web3 execution within its proven blockchain infrastructure, Kava AI stands at the intersection of DeFi, AI, and multi-chain interoperability. Kava empowers developers, creators, and everyday users to harness the transformative potential of decentralized technology. For more information, visit Media Contact: Justin Mauldin Salient PR [email protected] 737.234.0936 SOURCE: Kava press release
Yahoo
15-04-2025
- Business
- Yahoo
Kava Labs' Scott Stuart: Decentralized AI Delivers Real Value, Not NFT Style-Hype
Artificial Intelligence tokens have long-term staying power and won't be another crypto fad like non-fungible tokens (NFTs), even though the industry has already seen its share of flops, Kava Labs co-founder Scott Stuart said in an interview with CoinDesk. "We had this first AI wave, but that wave was projects like Fetch saying, 'We're going to do a merger,' but producing nothing from it, or projects like Virtuals or AI16z, initially doing well, then dropping off by 80% or 90%. It was an unhappy outcome," Stuart told CoinDesk in an interview. Market data shows that since January, Virtuals, the native token of the AI-related Virtuals Protocol, is down nearly 85%. FET, the token of the artificial intelligence alliance, is down 60%. KAVA, for its part, is fairing reasonably well, down 5%, beating the CoinDesk 20, a market index, which is down 29%. Kava didn't start as an AI project. Initially known for Cosmos-based decentralized finance (DeFi), began as just another DeFi project, but pivoted to decentralized AI as a differentiator amidst ongoing crypto market consolidation. Since its pivot, Kava has shipped its Kava AI platform and marketplace, a blockchain-native chatbot resembling ChatGPT powered by DeepSeek's R1 large language model, the autonomous AI agent Oros, and decentralized GPU infrastructure. Stuart said this pivot was necessary because altcoins face increased challenges without a compelling narrative, making decentralized AI's clarity and value proposition critical. "Unlike speculative bubbles such as NFTs, decentralized AI's fundamental utility ensures its resilience. NFTs or similar trends are essentially memes built on top of memes. Anything that's beta to meme coins will inevitably rise and fall with hype cycles," he said. The company is building a decentralized artificial intelligence (AI) infrastructure designed to be auditable, transparent, and open-source. Given its performance compared to the rest of the market, clearly, they are onto something. 'When you look at AI as a technology, it's just another way for corporations to present you information," Stuart said. "With OpenAI, there's a secret sauce component, and at any point in the future, they can tweak that model to serve you what they want.' Stuart argues that the stakes are substantial in separating AI from this black box as technology becomes increasingly integral to daily life. 'Closed-source AI can tweak models in ways you can't see. You don't know if it's optimized for your benefit or a company's or even a nation-state's interest,' he said. And he's not the only one that has these concerns. In an earlier interview with CoinDesk, Simon Kim, CEO of South Korea's Hashed, the country's leading web3 fund, said closed-source AI has made a 'God' from a machine. Its inner workings remain unknown and incomprehensible, but it has established itself as a pillar of society. In contrast, Kava Labs promotes an "open-weight" approach, allowing anyone to verify AI model parameters, much like Ethereum's transparent smart contracts. Recognizing how regulators increasingly view AI transparency as a strategic U.S. interest, Stuart sees an opportunity to build decentralized AI infrastructure that's certifiably 'made-in-the-U.S.A.' and backed by open-source funding initiatives. "During the last administration, the trend was toward offshoring everything," he said. "Now it seems they're serious about reversing that, and we're using this shift as an opportunity to strengthen U.S.-based infrastructure." And underneath this infrastructure will be open source technology. "The future of AI isn't corporate-controlled," he concluded. "It's open, transparent, and decentralized. Kava aims to lead this transformation." Sign in to access your portfolio
Associated Press
20-02-2025
- Business
- Associated Press
Kava AI Launches the World's Largest Decentralized DeepSeek Model - Finally Making Web3 Effortless
A groundbreaking deAI solution merges best-in-class open-source intelligence with frictionless on-chain transactions, unleashing a new era of user-centric crypto SAN FRANCISCO, CA / ACCESS Newswire / February 20, 2025 / February 20th, 2025 -In a move set to further rattle Big Tech's stranglehold on AI, Kava today announced a significant upgrade for Kava AI, now integrating the most powerful and fully decentralized implementation of DeepSeek ever released-and it promises to make crypto as intuitive as clicking 'send.' Conceived to liberate users from the maze of confusing wallets, endless bridging tools, and potential data leaks, Kava AI harnesses the pinnacle of open-source intelligence to transform Web3 interactions into a straightforward chat. For the first time, anyone-from the crypto-savvy investor to the absolute beginner-can type a simple request and watch as advanced AI seamlessly navigates complex transactions across multiple blockchains. 'We've spent years building the rails for cross-chain finance, but it's meaningless if people can't use it without a manual in one hand and a thousand tabs open,' said Scott Stuart, Co-Founder of Kava. 'Kava AI changes the game. Instead of wrestling with a half-dozen apps, you just say what you want-'Move my tokens to another chain,' or 'Help me swap for a stablecoin'-and the AI handles the nitty-gritty behind the scenes. No friction, no confusion, and no worrying about foreign data centers combing through your personal info.' This ambitious initiative blends unstoppable AI with unstoppable finance. DeepSeek, already championed for its raw power and open-source ethos, has never before been deployed at such an immense scale under the banner of DeAI (Decentralized AI). Because Kava AI is deployed on U.S.-based infrastructure, it guarantees tight data protections while feeding every user prompt through a community-governed blockchain. Forget black-box servers tucked overseas; Kava ensures your data belongs to you, living on a transparent ledger that embraces the original tenets of crypto: trustless, permissionless, and complete user control. The implications of Kava AI's new DeepSeek integration stretch far beyond simple convenience. Analysts at Bloomberg Intelligence project $1.3 trillion in global AI spending by 2032, while decentralized finance has already accumulated tens of billions in locked value. With this release, Kava positions itself as the vanguard of an emerging era: one where blockchains aren't just for expert coders and 'crypto degens,' but for everyone-wielding advanced AI that speaks and listens like a helpful guide. Gone are the days of memorizing complicated wallet addresses or Googling 'how to cross-chain swap.' Kava AI condenses those labyrinthine processes into a single prompt, unlocking the potential of Web3 for millions of curious newcomers who have hesitated at the fringes. At the heart of Kava AI lies a three-pronged architecture that unifies cutting-edge intelligence with seamless on-chain execution. At the top are AI dApps & Agents, turning casual prompts-"Swap my coins' or 'Deploy my NFT"-into precise blockchain instructions. These agents derive their brainpower from deModels, open-source large language models collaboratively refined by a global network of contributors. Completing the stack is dePIN, a decentralized infrastructure grid that supplies the compute muscle needed to handle large-scale AI requests with resilience and censorship resistance. By weaving these layers together, Kava AI sets the stage for a new standard of frictionless blockchain automation-proving that advanced AI can flourish in an open, community-governed environment rather than behind centralized silos. 'Yes, Kava AI tackles everyday crypto headaches, but there's a bigger principle at play which is shared ownership and open innovation,' said Scott Stuart, Co-Founder at Kava. 'Instead of relying on any one corporation's agenda, we're inviting the entire community to help shape how AI evolves. By opening up the training, auditing, and iteration of large language models, we're working toward a future where user interests, not pure profit motives, define the next generation of decentralized intelligence.' Looking ahead, Kava sees this new milestone for Kava AI as just the starting point for a 2025 roadmap designed to push deAI far beyond its current limits. In Q1, the team has already released a deAI Lightpaper, charting how distributed HPC and 'frontier-scale' training can elevate DeepSeek to new heights-without sacrificing openness or user sovereignty. They also deployed Oros, an Agent Layer platform that lets users execute even more complex cross-chain moves using just everyday language. By embracing specialized fine-tuned models and HPC-based infrastructure, Kava intends to prove that fully decentralized AI can match (and even surpass) centralized alternatives in power, performance, and reach-all while providing a user centered experience. About Kava Kava is a decentralized blockchain platform that merges the speed and interoperability of Cosmos with the developer power of Ethereum, carrying out its mission to lead the world to Web3. Supported by over 100 active validators and home to 125+ dApps, Kava enables secure asset management-with more than $625 million of on-chain value, over 120 million KAVA staked, and 2.5 billion bridged asset transactions to date. Through initiatives like Kava Rise, an incentive-driven developer program, Kava fosters a robust multi-chain ecosystem where builders of every level can seamlessly launch and scale their projects. Today, Kava is expanding its long-standing commitment to open innovation by embracing deAI (Decentralized AI). Its growing AI ecosystem, which includes the continuously evolving Kava AI, underscores Kava's belief that advanced intelligence should be transparent, community-governed, and privacy-centric. By aligning top-tier language modeling with a proven on-chain infrastructure, Kava stands at the crossroads of DeFi, AI, and multi-chain interoperability, empowering developers, creators, and everyday users to explore the limitless potential of decentralized technology. For more information, visit 737.234.0936
