Metaverse News

Tinder Withdraws Tinderverse Plan

Tinder temporarily abandoned its plans to develop the metaverse and digital currency due to disappointing Q2 results and the departure of its current CEO.
Tinder Withdraws Tinderverse Plan 3

Match Group, the parent company of the popular dating app Tinder, announced a reduction in investment for Web3 research immediately after releasing poor Q2 financial results and appointing its CEO Renate Nyborg to leave.

In a letter to shareholders on August 2, Match Group CEO Bernard Kim revealed that they would scale back their metaverse investments and scrap their plans to issue Tinder Coin, the platform’s digital currency.

Previously, CEO Renate Nyborg revealed about “Tinderverse” after acquiring AI and augmented reality company Hyperconnect in 2021. This metaverse offers an exciting experience and a playground for Tinder users to meet and communicate. It is not clear why the CEO left the organization.

Tinder Withdraws Tinderverse Plan 4

In the letter, Mr. Kim said Match Group would continue to monitor the metaverse space but want to wait for the right time, and the company will continue to evaluate this space with caution:

“After seeing mixed results from testing Tinder Coins, we’ve decided to take a step back and re-examine that initiative so that it can more effectively contribute to Tinder’s revenue. We also intend to do more thinking about virtual goods to ensure that they can be a real driver for Tinder’s next leg of growth and help us unlock the untapped power users on theplatform.”

Mark Zuckerberg’s Meta has recently recorded a loss of up to $2.8 billion from the company’s metaverse business division. However, he remains hugely optimistic and confident in his ambition. The current market is very difficult for companies looking to expand into this area, especially the crypto market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

13 minutes ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

2 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

3 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

4 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

4 hours ago

This website uses cookies.