Twitter Payments Receives Money Transmitter Licenses in Michigan, New Hampshire, and Missouri
Twitter Payments, a subsidiary of Twitter, has taken a significant step forward in its plans to launch a payment platform by receiving its first money transmitter licenses in Michigan, New Hampshire, and Missouri. The company aims to provide transfer services in all 50 U.S. states, with additional approvals pending. Twitter is tapping into its massive user base to explore new sources of revenue, with a focus on incorporating cryptocurrency into its solution. The social media giant aims to allow bank accounts to be linked to social media profiles, enabling features such as debit cards and money transfers.
Challenges and Opportunities for Twitter’s Payment Plans
Similar to Facebook’s failed global payments project, Diem, Twitter is banking on its crypto-tech community to drive the success of its payment platform. However, the recent decision by Twitter to limit the reach of crypto-related content on its platform has sparked controversy within the crypto ecosystem. Despite this setback, Twitter continues to work towards expanding its payment services and gaining regulatory approval in all states. As Twitter seeks to diversify its revenue streams, the success of its payment platform will rely on its ability to balance the needs of its user base and the interests of the crypto community.
Gemini Slams Digital Currency Group over User Funds
In a strongly worded open letter, Cameron Winklevoss, co-founder of Gemini cryptocurrency exchange, criticized Digital Currency Group’s CEO Barry Silbert for allegedly playing the victim while owing $1.2 billion to Gemini’s 232,000 Earn customers. Gemini’s Earn program, which offered attractive returns to depositors, was supported by DCG’s Genesis. However, withdrawals were suspended following the collapse of FTX. Winklevoss has issued an ultimatum to Silbert, offering a $1.47 billion agreement to settle the matter. Gemini has filed a lawsuit against DCG in response to the ongoing dispute.
DBS Bank Launches Digital Yuan Transaction Tool
DBS Bank China has officially launched a digital yuan merchant solution, allowing mainland businesses to receive payments in the central bank digital currency (CBDC). This service enables DBS clients in mainland China to seamlessly receive and deposit digital yuan into their yuan bank accounts. The digital yuan has gained significant traction in China, with over 13.6 billion digital yuan in circulation by the end of 2022. It is accepted in 26 cities and 17 provinces, and further adoption is expected as more regions join the program.
Musk Implements ‘Rate Limit’ on Twitter, Citing System Manipulation
Twitter chairman Elon Musk announced that Twitter will temporarily limit the number of posts users can read per day due to concerns of data scraping and system manipulation. Verified accounts will be limited to 10,000 posts per day, while unverified and new unverified accounts will be capped at 1,000 and 500 posts per day, respectively. This decision has faced criticism from the crypto community, which heavily depends on Twitter for communication and information sharing. The rate limits have also affected the display of tweets on Google’s search engine, resulting in a significant drop in tweet visibility.
OpenAI Addresses Paywall Bypass Issue
OpenAI has temporarily disabled the Browse feature of its ChatGPT due to a loophole that allowed users to access paywalled content for free. The issue came to light after a Reddit post revealed that ChatGPT provided the full text of a paywalled article upon request. While the Browse feature is in beta and exclusive to ChatGPT Plus subscribers, OpenAI took swift action to address the loophole. By pausing the feature, OpenAI aims to ensure fair use and prevent unauthorized access to paid content.
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