Jack Dorsey-Backed Damus Says It Faces App Store Removal For Bitcoin Tipping Despite App Update
Portfolio Pulse from Mehab Qureshi
Social media platform Damus, backed by Jack Dorsey, faces removal from Apple's App Store for violating the guideline on business payments due to its Bitcoin tipping feature. Damus developers argue that the tipping function is a form of charitable giving, not traditional in-app content purchases.
June 27, 2023 | 3:18 am
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NEUTRAL IMPACT
Apple may remove Damus from its App Store for violating its business payments guideline due to the platform's Bitcoin tipping feature, potentially impacting Apple's reputation.
Apple's decision to remove Damus from its App Store could lead to negative publicity and potential backlash from the crypto community. However, the overall impact on Apple's stock price is likely to be limited, as the App Store hosts numerous other apps and the removal of one app may not significantly affect its revenues.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
Damus' potential removal from the Apple App Store due to its Bitcoin tipping feature may have a limited impact on Bitcoin's price, as the platform is just one of many that utilize the cryptocurrency.
While Damus' removal from the App Store could be seen as a negative development for Bitcoin, the overall impact on its price is likely to be limited. The platform is just one of many that utilize Bitcoin, and the cryptocurrency's price is influenced by a wide range of factors beyond the fate of a single app.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 60