Twitter’s subsidiary, Twitter Payments, has obtained its first money transmitter licenses in Michigan, New Hampshire, and Missouri, marking a significant step forward in the company’s plans to roll out a payment platform. With ambitions to connect bank accounts to social media profiles, Twitter aims to tap into new sources of revenue supported by its massive user base. However, the platform recently limited content reach due to “extreme levels of data scraping and system manipulation,” which could impact its payment plans.
In another development, DBS Bank China has officially launched a digital yuan merchant solution, enabling mainland businesses to receive payments in the central bank digital currency (CBDC). The new service allows clients in mainland China to receive the digital yuan and have it automatically settled into their yuan bank deposit accounts. Currently accepted across multiple cities and provinces in China, the adoption of digital yuan is expected to grow as more regions join the program.
Meanwhile, OpenAI has temporarily disabled ChatGPT’s Browse feature, a Bing-based search engine, due to users exploiting a loophole that allowed them to bypass paywalls. OpenAI took action after a Reddit post exposed how users were able to access paywalled content. The move aims to address the issue and prevent further misuse of the feature.
In the world of cryptocurrency business, Cameron Winklevoss, co-founder of Gemini, criticized Barry Silbert, CEO of Digital Currency Group (DCG), for allegedly owing $1.2 billion to Gemini’s Earn customers. Winklevoss issued an ultimatum to Silbert, demanding acceptance of his firm’s “best and final offer” or face a lawsuit. The ongoing dispute between Gemini and DCG highlights the challenges faced by cryptocurrency platforms in managing user funds.
These developments in the crypto industry demonstrate the growing influence of social media platforms, such as Twitter, and traditional financial institutions, like DBS Bank, in integrating cryptocurrencies into their services. However, they also reflect the need for addressing issues related to data scraping, system manipulation, and regulatory compliance to ensure the successful adoption of digital currencies and associated technologies.