⚖️ South Korea Internet Firm Sues Netflix After Traffic Surge From ‘Squid Game’

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South Korea Internet Firm Sues Netflix After Traffic Surge From ‘Squid Game’

SK Broadband, a South Korean internet service provider, has sued streaming platform Netflix after the platform’s popular show “Squid Game” allegedly led to a surge in network traffic.

This move comes after a Seoul court said that Netflix should reasonably give something in return to SK Broadband for network usage.

In recent months, several South Korean lawmakers have spoken out against content providers such as Netflix, who do not pay network usage fees although they generate heavy traffic.

Netflix said that it will review the internet service provider’s claim, and seek discussions and explore ways to work with the company to make sure customers are not affected.

SK Broadband estimated the network usage fee Netflix needed to pay was about $22.9 million in 2020 alone, the court document said.

However, court records suggest that Netflix has appealed against the ruling with fresh proceedings to begin in late December.

In a statement, Netflix said that it has contributed to the creation of about 16,000 jobs in South Korea, bringing about $90 million in investments, as well as an economic effect of about $6.5 billion.

Electric Vehicle Startup Rivian Files for IPO

Electric vehicle maker Rivian has filed for an initial public offering (IPO) on October 1.

The documents filed by Rivian show a $994 million net loss on zero revenue in the first six months of 2021.

Additionally, the company wrote in a filing, “We are a development stage company and have not generated material revenue to date. Vehicle production and deliveries began in September 2021.”

Rivian, which has received support from Amazon, Ford, among other companies, is targeting a market debut in late November.

The company has yet to deliver any vehicles, but it has raised $10.5 billion in funding and has an order from Amazon for as many as 100,000 electric vehicles delivery within 10 years including 10,000 by the end of 2022.

In addition, the company also has several reservations for its truck and sport utility models; however, supply constraints and production issues have forced repeated delays to its launches.

Google Suspends Plans For Google Pay-Based Banking

Google has stopped working on its Plex service, which was aimed to allow users to do their banking through the Google Pay app.

The service was supposed to allow users to sign-up for checking or savings accounts provided by a variety of traditional banking providers that the user would then manage through the app.

Similar to other online banks, Plex would have allowed users to set things like savings goals and automatic transfers.

However, Google has stopped the project due to a series of missed deadlines and also because an executive who pressed the project left the company.

The service was not intended to put Google in direct competition with banks. But, Google had planned to partner with several financial institutions that would provide accounts without monthly or overdraft fees and minimum balances.

Though Google has stopped working on the service, it still believes that there is demand from customers for simpler ways to pay for things both in-person and online and that it will now be focused on delivering digital enablement for banks and other financial services providers rather than them serving as the provider of these services.

SEC Delays Decision on Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC) announced that it has decided to extend the deadline of four Bitcoin (BTC) Exchange-traded Funds (ETF) for 45 days.

The approval of four Bitcoin (BTC) ETFs — Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF was rescheduled to November 21, December 8, December 11, and December 24, respectively.

The agency claimed that it needed extra time to decide on the acceptance of 19b-4 applications.

“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments,” said the SEC in its announcement.

When it comes to crypto ETFs, the SEC is mainly concerned with the lack of transparency of trading information, liquidity, market manipulation, among other issues.

SEC has been clamping down on cryptocurrencies and also compared stablecoins to “poker chips”.

But, they have indicated their openness to cryptocurrency ETFs, suggesting those that comply with strict rules for mutual funds could provide investor protection.

Around The Web

🎮 Twitch is Testing a Paid Boost Feature: Twitch has announced that it is testing a new feature that will allow users to pay money to promote a stream. Currently, only a select number of accounts participating in Twitch’s research initiative have access to this feature.

🚀 ProductWind Raises $1.67 Million: Influencer marketing platform ProductWind has raised $1.67 million in seed funding led by Early Light Ventures. The company aims to connect brands with influencers in one click and is building a platform to enable brands to launch influencer marketing campaigns.

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