Indonesia 🇮🇩 Bans Gaming And Other Websites Over License Breaches
Scott D. Clary | Daily Business, Tech & Finance Newsletter
Hi there 👋. This is a daily newsletter that covers the top business, tech and finance stories for today.
Here’s what’s happening:
- Indonesia 🇮🇩 bans several websites over license breaches
- Retail Adoption of Cryptocurrencies to Grow in the United States 🇺🇸
- Tiffany & Co making NFT CryptoPunk pendants
- AI-driven onboarding and risk scoring platform raises funds 💰
Indonesia 🇮🇩 Bans Gaming And Other Websites Over License Breaches 🚨
Oh, no! What just happened? 🤔
The Indonesian government has blocked access to eight major online platforms as they have failed to register for licensing.
Which websites have been blocked?
Search engine website Yahoo, payments firm Paypal, gaming store Epic Games, Steam, Counter-Strike, Origin.com, DoTA2, and Xandr.com.
The Timeline ⏰:
- Under the new rules rolled out for online platforms in November 2020, companies have to register with relevant authorities, which will empower the government to compel platforms to disclose the data of specific users.
- It would also allow the authorities to take down content deemed unlawful or that “disturbs public order” within four hours, if urgent, and 24 hours if not.
Will this ban affect people?
The ban has left users in Indonesia stuck without the ability to process payments or even play certain games.
Will the government lift the ban?
It’s unclear when the services of these websites will come back online or if they’ll register with the Indonesian database.
Retail Adoption of Cryptocurrencies to Grow 🆙️ in the United States 🇺🇸
As cryptocurrency adoption grows globally, retail merchants in the US are willing to accept cryptocurrencies as a mode of payment.
Is it? Yes.
In a survey conducted by Deloitte, nearly 75 percent of retailers planned to accept either cryptocurrency or stablecoin payments within the next 24 months.
The survey report titled “Merchants getting ready for crypto” polled a sample of 2,000 senior executives from the retail industry representing different sub sectors such as cosmetics, electronics, fashion, transportation, food & beverage.
Are merchants ready for crypto?
The report notes that big merchants minting revenues of around $500+ million have already started creating an infrastructure to support crypto payments.
Retailers are making investments ranging from $10 million to $100 million to establish a crypto-friendly ecosystem.
How do retailers plan to enable cryptocurrency payments?
More than 50% of retailers want third-party payment processors to convert digital currency into fiat currency.
Why does this matter?
This development could significantly impact the current state of cryptocurrency, potentially allowing it to weather the crypto winter it has fallen into.
Tiffany & Co Retailer Turning CryptoPunk NFTs Into Custom Pendants
This American luxury jewelry and specialty retailer will be turning CryptoPunk NFTs into real-life jewelry.
Tiffany & Co announced the sale of 250 diamond and gemstone encrusted pendants for CryptoPunk non-fungible token (NFT) holders.
The handcrafted CryptoPunk pendants are priced at 30 Ether, equal to approximately $50,600 at the current value.
Tiffany & Co Pendants
- Each CryptoPunk is limited to a maximum of three NFTiff tokens that allow them to mint a customized pendant.
- There are 87 attributes and 159 colors that can be used to custom design the pendants.
- The pendant itself will be composed of 18K rose or yellow gold (based on the color palette of the NFT).
Purchasing Tiffany & Co Jewelry and CryptoPunk NFTs
The NFTiff token sale is set to launch on August 5 at 9 am (CST) and will only be available for purchase NFTiff tokens via its website.
What will Tiffany & Co get?
Should all the limited edition pendants sell out, the retailer will make 7,500 ETH (currently $12.7 million).
Kompliant Raises $14 Million in Seed Round 💰
Kompliant, a startup that delivers an “AI-driven” business orientation and risk assessment platform, has raised $14 million in its seed funding round.
Who invested in the round?
The funding was led by Level One Fund along with participation from former Visa president John Partridge and current CEO Stuart Sopp. Other investors include Mike Lohner, co-founder of DOSH and current chair of Stella & Dot.
Know about Kompliant
Kompliant was founded by Brad Wiskirchen and Edward Katzin. It is a U.S.-based compliance platform that solves end-to-end compliance lifecycle management through leading-edge technology and innovative workflows. The startup automates several manual processes associated with the underwriting and monitoring of financial institutions.
The platform provides a standard set of protocols, data structures & interfaces across application processing, application verification, underwriting management, and ongoing monitoring.
What will they do with the money?
The capital will be used to support Kompliant’s product development, as well as to expand the company’s customer base and hire additional employees.
FZE, a subsidiary of crypto exchange FTX obtains full license to operate a full crypto exchange in Dubai 🎊🎉
The cryptocurrency exchange had already won a partial operating license last March.
Open for both individual to institutional investors
Now, the platform will offer cryptocurrency derivative products and trading services to both investors and institutional clients in Dubai.
The move will push Dubai forward with its plans to develop its digital asset sector.
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