Crypto Biz: Winklevoss slams Silbert, Twitter’s double-edged sword and more
Twitter’s plans to roll out a payment platform took a major step forward this week as its subsidiary, Twitter Payments, received its first money transmitter licenses in the United States states of Michigan, New Hampshire and Missouri.
The company — reportedly building a solution with crypto in mind — is seeking to provide transfer services in all 50 U.S. states, with further approvals still pending and no clear timeline in place.
As with every business, Twitter is seeking new sources of revenue supported by its massive user base. In a Twitter Space event in 2022, Musk said he envisioned allowing bank accounts to be connected to social media profiles, incorporating debit cards and money transfers. The goal appears similar to the now-defunct Diem — the failed global payments project from Facebook’s parent company Meta.
For better results than Meta’s project, Twitter relies heavily on its crypto-tech community, but Musk is also at odds with Crypto Twitter. This week, the platform limited its content reach, citing “extreme levels of data scraping and system manipulation.” The decision was a blow to the crypto ecosystem, which relies heavily on Twitter for sharing information and achieving new audiences.
“The reason I set a “View Limit” is because we are all Twitter addicts and need to go outside,” said Musk on the platform. The move could be a double-edged sword for Twitter’s payment plans.
This week’s Crypto Biz also explores Gemini’s fight with the Digital Currency Group (DCG) over user funds, new banking tools for the digital yuan, and OpenAI’s efforts to stop users from jumping paywalls.
In an open letter published on July 4, Cameron Winklevoss slammed Digital Currency Group’s CEO Barry Silbert for allegedly playing the
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