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X (Twitter) has Acquired Money Transmitter Licenses in Ten U.S. States

By
Paul Ugbede Godwin
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0

X, the popular social media platform, has announced that it has obtained a money transmitter license in ten states across the United States. This license will allow X to offer its users the ability to send and receive money through its app, as well as to access other financial services such as loans, savings, and investments.

X’s CEO, said in a press release that the company is committed to providing its users with more options and opportunities to manage their money and achieve their financial goals. He added that X is working hard to expand its license to more states and countries in the near future.

According to an analyst at ABC Research, X’s move into the financial sector is a smart and strategic one, as it will help the company diversify its revenue streams and increase its user engagement and retention. He also said that X will face some challenges and competition from other players in the market, such as PayPal, Venmo, and Cash App, but that X has a loyal and active user base that will give it an edge.

X is a well-known and respected company in the technology sector, with a strong presence in various fields such as cloud computing, artificial intelligence, e-commerce, and social media. However, the company has also recognized the potential of the financial sector, which is undergoing a rapid transformation due to digitalization, innovation, and regulation. X has decided to leverage its expertise and resources to offer new and improved financial services to its existing and new customers, such as payments, lending, insurance, and wealth management.

X’s plan is to create a comprehensive and integrated platform that will provide a seamless and convenient experience for its users, while also offering competitive rates and personalized solutions. X will use its advanced technology and data analytics to create customized products and services that will meet the diverse needs and preferences of its customers. X will also partner with established financial institutions and regulators to ensure compliance and security. X believes that by entering the financial sector, it will not only increase its revenue streams, but also enhance its customer loyalty and satisfaction.

X’s users have expressed mixed reactions to the news. Some are excited about the new features and possibilities that X will offer them, while others are concerned about the security and privacy of their data and transactions. X has assured its users that it will comply with all the relevant regulations and standards to protect their information and funds.

The states that have granted Twitter the license are Alabama, Arizona, Colorado, Georgia, Iowa, Kansas, Montana, Nebraska, Nevada and Wyoming. Twitter plans to expand its coverage to more states in the future, as well as to other countries.

Twitter’s CEO said that the license is a milestone for the company and its vision of creating a more open and inclusive financial system. He added that Twitter will leverage its existing features, such as Spaces and Tip Jar, to enable more monetization opportunities for creators and influencers on the platform.

Twitter’s move comes amid a growing trend of social media companies entering the fintech space. Facebook, for example, has launched its own digital currency, Diem, and its payment service, Novi. Snapchat has also introduced a feature that allows users to send money to each other using Venmo.

Twitter’s license also opens the door for more integration with cryptocurrencies, especially Bitcoin. Former Twitter Cofounder Jack Dorsey and current owner of X, Elon Musk are a well-known advocate of Bitcoin and has invested in several crypto-related projects. He has also hinted that Twitter may allow users to receive Bitcoin tips or pay for subscriptions with Bitcoin in the future.

Twitter’s license is expected to boost its revenue and user engagement, as well as to attract more advertisers and partners. However, it also poses some challenges and risks, such as regulatory compliance, security and privacy issues, and potential competition from other players in the market.

Is Ukraine Edging Towards Collapse?

By
Paul Ugbede Godwin
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0

The recent escalation of tensions between Russia and Ukraine has raised fears of a possible military conflict in Europe. The Kremlin has amassed more than 100,000 troops near the Ukrainian border, sparking alarm in the West and calls for diplomatic efforts to defuse the situation. But what is behind this crisis and what are the implications for Ukraine’s stability and sovereignty?

The roots of the conflict date back to 2014, when a popular uprising in Kyiv ousted pro-Russian president Viktor Yanukovych and triggered Russia’s annexation of Crimea and its support for separatist rebels in eastern Ukraine. Since then, more than 14,000 people have been killed and over a million displaced by the war, which has been frozen by a series of ceasefires that are frequently violated.

Russia claims that it is defending its legitimate interests and security in the region, and that it fears that Ukraine might join NATO, a military alliance that Moscow views as a threat. Ukraine, on the other hand, accuses Russia of violating its territorial integrity and sovereignty, and seeks closer ties with the West and its support for its reforms and defense.

The current crisis has been triggered by several factors, including the expiration of a gas transit deal between Russia and Ukraine at the end of 2024, which could deprive Kyiv of a vital source of revenue and leverage; the completion of the Nord Stream 2 pipeline, which would allow Russia to bypass Ukraine and deliver gas directly to Germany and other European countries.

The lack of progress in implementing the Minsk agreements, which outline a political solution to the conflict based on decentralization, amnesty, and local elections in the rebel-held areas; and the domestic pressures on both Russian president Vladimir Putin and Ukrainian president Volodymyr Zelensky, who face declining popularity and rising discontent among their respective populations.

The stakes are high for both sides, as well as for the international community. A full-scale war between Russia and Ukraine could have devastating humanitarian, economic, and security consequences for the region and beyond. It could also undermine the credibility of NATO and the European Union, which have pledged their support for Ukraine’s sovereignty and territorial integrity but have limited options to deter or respond to Russian aggression. Moreover, it could escalate into a wider confrontation between Russia and the West, which are already at odds over issues such as human rights, cyberattacks, and nuclear proliferation.

The best way to avoid such a scenario is to pursue a diplomatic solution that addresses the core grievances and interests of all parties involved. This would require dialogue, compromise, and confidence-building measures, as well as a clear and consistent message from the West that it is ready to cooperate with Russia on areas of common interest, but also to impose costs on its unacceptable behavior. It would also require sustained support for Ukraine’s reform efforts, resilience, and integration into the Euro-Atlantic community.

Ukraine is not edging towards collapse, but it is facing a serious challenge to its security and sovereignty. The international community should do everything in its power to help it overcome this challenge and achieve its aspirations for peace, democracy, and prosperity.

Coinbase now lets you send USDC for free using iMessage, WhatsApp and Telegram

By
Paul Ugbede Godwin
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0

Coinbase, the leading cryptocurrency exchange platform, has announced a new feature for its decentralized wallet app that allows users to send USDC, a stablecoin pegged to the US dollar, for free using popular messaging apps like iMessage, WhatsApp, Telegram and more. This feature is powered by WalletConnect, an open protocol that enables secure communication between decentralized applications and mobile wallets.

USDC is a digital currency that maintains a 1:1 value with the US dollar and can be used for payments, remittances, savings and trading. Unlike traditional fiat currencies, USDC transactions are fast, cheap and transparent, thanks to the blockchain technology. By integrating WalletConnect into its wallet app, Coinbase enables users to easily send USDC to anyone in the world without paying any fees or intermediaries.

USDC is issued by a consortium of regulated financial institutions, called Centre, that ensure that every USDC in circulation is backed by an equivalent number of US dollars held in reserve. Users can create or redeem USDC through various platforms, such as Coinbase, Circle, or other exchanges and wallets that support USDC.

USDC is built on the Ethereum blockchain, which means that it inherits the benefits of a decentralized, transparent, and programmable network. Users can send and receive USDC using any Ethereum-compatible wallet or application, and they can also use smart contracts to automate transactions and create new use cases for USDC.

USDC is also compliant with relevant laws and regulations, such as anti-money laundering (AML) and know-your-customer (KYC) rules. Users who want to create or redeem USDC have to undergo identity verification and comply with the terms of service of the platform they use. This ensures that USDC is a trustworthy and legitimate digital currency that can be used for various purposes.

USDC is one of the most popular and widely used stablecoins in the world, with over $40 billion in circulation as of December 2023. It offers users and businesses a fast, cheap, secure, and transparent way to move value across the globe.

To use this feature, users need to have the Coinbase Wallet app installed on their mobile devices and some USDC in their accounts. Then, they can scan a QR code from any WalletConnect-enabled website or app that supports USDC transfers, such as Uniswap, Aave, Compound and more. After scanning the QR code, users can choose which messaging app they want to use to send USDC and enter the recipient’s phone number or username. The recipient will receive a link to claim the USDC in their own Coinbase Wallet app or create one if they don’t have it yet.

This feature is part of Coinbase’s vision to make cryptocurrency more accessible and usable for everyone. By leveraging the existing messaging platforms that billions of people use every day, Coinbase hopes to lower the barriers to entry and adoption of crypto and create a more open and inclusive financial system.

Twitch to Cease Operations in South Korea Citing Prohibitively Expensive Market Conditions

Meanwhile, in a surprising move, Twitch, the globally popular video streaming service, announced its decision to shut down operations in South Korea on February 27, citing prohibitively expensive operating costs in one of the world’s largest esports markets.

The decision was communicated by Twitch CEO, Dan Clancy, who expressed disappointment over the move in a blog post.

“Ultimately, the cost to operate Twitch in Korea is prohibitively expensive and we have spent significant effort working to reduce these costs so that we could find a way for the Twitch business to remain in Korea,” he said.

Twitch CEO Dan Clancy acknowledged the significant efforts made by the company to reduce network costs in Korea. However, despite experimenting with a peer-to-peer model and downgrading streaming quality to 720p, the fees to operate in South Korea remained 10 times higher than in most other countries. Clancy stated that the company had been operating at a “significant loss” and that there was “no pathway forward” to run the business sustainably in the country.

In his blog post, Clancy said that the decision to cease operations in South Korea was a unique situation. He stated, “I want to reiterate that this was a very difficult decision and one we are very disappointed we had to make. Korea has always and will continue to play a special role in the international esports community, and we are incredibly grateful for the communities they built on Twitch.”

The high internet fees in South Korea have been a point of contention for tech companies. Last year, streaming giant Netflix unsuccessfully sued a local broadband supplier to avoid paying usage charges. Seoul’s court ruled in favor of the broadband supplier, requiring Netflix to contribute to the network costs supporting its substantial Korean business.

Twitch’s attempt to navigate the challenging landscape involved not only experimenting with different models but also striving to adapt to local regulations. South Korea, with over half of its 50 million population identified as esports fans, is a crucial market for Twitch. The country dominates competitive gaming globally, with pro gaming being a cultural phenomenon, and top players enjoying celebrity status.

Esports enthusiasts in South Korea have contributed significantly to Twitch’s user base in the country. However, the decision to shut down operations reflects the difficulty of sustaining a business model amidst soaring operational costs. South Korea’s prominence in the esports world is acknowledged, but economic challenges have forced Twitch to make a strategic withdrawal.

This move by Twitch in South Korea might have broader implications, especially as telecom operators in other markets, including India, are increasingly pushing for content providers to bear network costs. Earlier this year, telecom operators in India recommended that internet companies compensate them for using their networks, citing regulatory changes in Korea as an inspiration.

As Twitch prepares to exit the South Korean market, the international esports community and the platform’s user base in the country will undoubtedly face changes. The broader implications of this decision on the streaming industry, especially in markets with rising network costs, remain to be seen.

Multi-million Dollar Oil Fraud: Nigerian House of Reps Issues Arrest Warrant for CBN Gov, AGF, Others

By
Samuel Nwite
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0

The House of Representatives Committee on Public Petitions has issued a warrant of arrest for Central Bank Governor Olayemi Cardoso and 17 other individuals, including the Accountant General of the Federation, Oluwatoyin Madein. The warrant stems from their refusal to appear before the committee to answer questions on allegations of corruption related to the oil sector.

The decision was made during the committee’s session on Tuesday, prompted by a petition filed by Fidelis Uzowanem. The petitioner raised concerns based on the Nigeria Extractive Industries Transparency Initiative (NEITI) report of 2021, which exposed multiple infractions within the oil and gas sector involving collaboration between industry players and government officials.

The committee, chaired by Michael Etaba (APC, Cross River), said that the individuals, including heads of major oil and exploration companies, had consistently ignored invitations to address the issues raised in the petition.

Fred Agbedi (PDP, Bayelsa), a committee member, moved the motion to issue the warrant of arrest, asserting that the concerned individuals must appear before the committee on December 14. The motion was adopted, and the Inspector General of Police, Kayode Egbetokun, was tasked with executing the warrant.

The petition by Fidelis Uzowanem highlighted the NEITI report’s revelations of fraudulent activities within the oil and gas industry dating back to 2016. Uzowanem claimed that the recoverable amounts identified in the report could potentially fund the proposed N27.5 trillion budget for 2024.

“We took up the challenge to examine the report and discovered that what NEITI put together as a report is only a consolidation of fraud that has been going on in the oil and gas industry.

“It dates back to 2016 because we have been following and we put up a petition to this committee to examine what has happened.

“The 2024 budget of N27.5 trillion that has been proposed can be confidently funded from the recoverable amount that we identified in the NEITI report,” he said.

Allegations were also made against international oil companies, including claims that millions of dollars were laundered for NNPC Limited. Uzowanem said that NEITI concealed certain transactions, such as $124 million laundered through Total, $76 million through Chevron, and $188 million through Nigeria Agip Company.

“In other words, $124 million was laundered by NNPCL through Total because monies that have been officially paid to Total could not have been concealed if they were not meant for fraudulent purposes.

“Also for Chevron, the dollar payment NEITI puts forward in its report was $76 million but documents emanating from Chevron showed that they received as much as $267 million.

“$191 million was laundered under the cover of Chevron and NEITI concealed that; also, Nigeria Agip Company received $188 million but none of it was reported by NEITI,” he said.

The arrest warrant, issued under Section 89 of the 1999 constitution, grants the National Assembly and its committees the power to compel the attendance of individuals during investigations. It allows for the imposition of fines and costs in cases of non-compliance.

The development underscores the gravity of the malfeasance going on within Nigeria’s key economic sectors.

The committee’s actions are seen as a determination to address issues of transparency and accountability within the crucial oil and gas sector, signaling a commitment to uncover and rectify fraudulent activities that have persisted over several years.

Among the 17 individuals to be apprehended are the leaders of various entities, including the heads of National Petroleum Investment Management Services (NAPIMS), Ethiop Eastern Exploration and Production Company Ltd, and Western Africa Exploration and Production.

Others include the heads of Alteo Eastern E&P Co. Ltd., First Exploration & Production Ltd., The Managing Director of First E&P Oml 8385 Jv, Heirs Holdings Oil, and Mobil Producing Nigeria Unlimited (Mpnu).

Further, the roster includes representatives from Shell Petroleum Development Company (SPDC), Total Exploration & Producing Nig (TEPN), Nigeria Agip Oil Company (NAOC), Pan Ocean Oil Nig, Ltd, Newcross E&P Ltd, and Frontier Oil Ltd.

MicroStrategy is sitting on a $2B Profits from its Bitcoin Holdings

By
Paul Ugbede Godwin
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0

MicroStrategy, a business intelligence company, has made a huge profit from its investment in bitcoin. The company started buying the cryptocurrency in August 2020, when it was trading at around $10,000 per coin. Since then, it has accumulated more than 100,000 bitcoins, worth over $5 billion at the current price of around $50,000. This means that MicroStrategy has gained more than $2 billion in profit from its bitcoin holdings, which now account for more than 70% of its total assets.

The company’s CEO, Michael Saylor, is a vocal advocate of bitcoin and believes that it is a superior store of value than fiat currencies or gold. He has said that he plans to hold bitcoin for the long term and that he is not concerned about the volatility or regulatory risks. He has also encouraged other companies to follow his example and adopt bitcoin as a treasury reserve asset.

MicroStrategy’s bullish bet on bitcoin has paid off handsomely so far, but it also exposes the company to significant risks. Bitcoin is a highly volatile and speculative asset that can experience sharp price swings in both directions. Moreover, the regulatory environment for cryptocurrencies is uncertain and evolving, and there is no guarantee that MicroStrategy will be able to access or sell its bitcoins in the future. Furthermore, the company’s heavy reliance on bitcoin may alienate some of its customers or investors who prefer a more diversified or conservative strategy.

What challenges and risks did MicroStrategy face?

MicroStrategy’s decision to invest in bitcoin was not without challenges and risks. Some of the main ones were:

  • Regulatory uncertainty: Bitcoin is still subject to varying degrees of regulation and taxation in different jurisdictions, which could affect MicroStrategy’s ability to buy, sell, or use its bitcoins. For example, in September 2020, the U.S. Securities and Exchange Commission (SEC) charged MicroStrategy with violating securities laws for failing to disclose material information about its bitcoin purchases to investors.

  • Volatility: Bitcoin is known for its high price volatility, which could expose MicroStrategy to significant losses or gains depending on market conditions. For example, in April 2021, bitcoin reached an all-time high of over $64,000, but then dropped by more than 50% in May 2021. MicroStrategy has stated that it does not intend to sell its bitcoins in the short term, but rather hold them for the long term as a strategic asset.

  • Security: Bitcoin transactions are irreversible and require secure storage and management of private keys, which are the codes that allow access to the bitcoins. If MicroStrategy loses or compromises its private keys, it could lose access to its bitcoins permanently. For example, in February 2021, MicroStrategy disclosed that it had suffered a cyberattack that attempted to steal its bitcoins but was unsuccessful thanks to its security measures.

  • Reputation: Bitcoin is still associated with negative perceptions and stigma by some segments of the public and the media, who view it as a speculative bubble, a tool for illicit activities, or a threat to the existing financial system. MicroStrategy’s decision to invest in bitcoin could affect its reputation and credibility among its customers, partners, shareholders, and regulators.

What implications does MicroStrategy’s decision have for other companies?

MicroStrategy’s decision to invest in bitcoin has been seen as a catalyst and a precedent for other companies that might want to follow its example. Some of the potential benefits and drawbacks for other companies are:

  • Benefits: By investing in bitcoin, other companies could diversify their portfolios, protect their cash reserves from inflation and currency devaluation, increase their returns on capital, attract new investors and customers who are interested in bitcoin, and gain a competitive edge in the emerging digital economy.

  • Drawbacks: By investing in bitcoin, other companies could also face the same challenges and risks as MicroStrategy did (regulatory uncertainty, volatility, security, reputation), as well as additional ones such as accounting complexity (how to report bitcoin holdings on financial statements), legal liability (how to comply with fiduciary duties and corporate governance standards), and operational difficulty (how to integrate bitcoin into their business models and processes).

MicroStrategy’s decision to invest in bitcoin was a bold and innovative move that has generated significant attention and debate in the business and financial world. While it is too early to assess the long-term impact of this decision on MicroStrategy’s performance and valuation, it is clear that it has opened new possibilities and challenges for other companies that might want to follow its example. Bitcoin is not a one-size-fits-all solution for every company’s treasury management needs, but rather a strategic option that requires careful analysis and evaluation of its benefits and risks.

 

MicroStrategy is one of the most prominent examples of a company that has embraced bitcoin as a core part of its business model. The company has shown remarkable confidence and conviction in its decision and has reaped substantial rewards from it. However, the company also faces considerable challenges and uncertainties that could jeopardize its success. Whether MicroStrategy’s bitcoin strategy will prove to be visionary or reckless remains to be seen.

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