Day: April 27, 2023

Metaverse division’s $4B loss drags on positive first quarter for Meta

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Meta suffered a nearly $4 billion loss from its metaverse unit with Reality Labs in what was otherwise a solid first quarter for the Mark Zuckerberg-led social media empire, which posted a final profit of $5.7 billion. While the $4 billion loss follows a $14 billion loss in 2022, Zuckerberg explained in the earnings report that Reality Labs will likely suffer more losses in the remainder of 2023. “We continue to expect Reality Labs operating losses to increase year-over-year in 2023,” predicted Zuckerberg. Meta’s metaverse-focused Reality Labs unit suffered another…

Metaverse division’s $4B loss drags on positive first quarter for Meta

Meta suffered a nearly $4 billion loss from its metaverse unit with Reality Labs in what was otherwise a solid first quarter for the Mark Zuckerberg-led social media empire which posted a final profit of $5.7 billion. While the $4 billion loss follows a $14 billion loss in 2022, Zuckerberg explained in the earnings report that Reality Labs will likely suffer more losses in the remainder of 2023. “We continue to expect Reality Labs operating losses to increase year-over-year in 2023,” predicted Zuckerberg. Meta’s metaverse-focused Reality Labs unit suffered another…

Crypto Innovation and Regulation Can Co-Exist, Top Industry Executives Agree

The wide-ranging discussion came as the industry rebounds from a calamitous year that saw a number of major crypto-focused firms implode and trust in digital assets wane. Regulators, particularly in the U.S., are now eyeing crypto to an unprecedented degree and some observers believe the scrutiny will hurt the industry’s growth, or at least shift the balance of power outside the U.S. The panelists discussed new challenges for liquidity and prime brokerage, how custodial services will change, regulatory issues and requirements for exchanges to prove their reserves. Source

Crypto and Regulators Are Speaking the Same Language When It Comes to Financial Transparency

“What does it mean to work collaboratively?” Boring asked. To the SEC, the answer doesn’t matter, when a group of people organize to build a potentially valuable system, it “triggers our laws,” she added. At least on stage, Boring didn’t seem confident this different definition cold be explained away – not by lobbying or commenting on proposed guidance, she said. Source

MeWe social network with 20M users to integrate with Polkadot parachain

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Social network MeWe will integrate with the Frequency blockchain network, a parachain of Polkadot, according to an April 26 announcement at Consensus 2023. The announcement added that the company will begin moving its users’ accounts over to the network during this quarter. Just in from #Consensus 2023 – Polkadot parachain @one_frequency has announced a major partnership with social networking app @mewe to connect its 20 million users to Polkadot and the Social Web, giving each of them a social identity and full control over their own data. pic.twitter.com/O39RNtEhDy — Polkadot…

BRICS Currency Will Erode US Dollar’s Dominance, Former White House Economist Warns – Economics Bitcoin News

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Former White House economist Joseph Sullivan has warned that a BRICS currency would erode the U.S. dollar’s dominance. If member nations use only a common BRICS currency for international trade, “they would remove an impediment that now thwarts their efforts to escape dollar hegemony,” he described. Former White House Economic Advisor on BRICS Currency and U.S. Dollar’s Reserve Currency Status A former White House economic advisor, Joseph Sullivan, discussed de-dollarization and the potential impacts of a BRICS currency on the USD in an opinion piece published by Foreign Policy Monday.…

Clumsy User Experiences (UX) Are Why Technology Is Blocking Mass Adoption of Web3

Meanwhile, a flurry of crypto-native and Web2 brands have been making efforts to bridge the gap between Web2 and Web3 audiences to push mass adoption. Chris Jacquemin, head of strategy at talent agency WME that has signed more than 50 Web3 creators, said that when discovering various communities through social media, the “vocal minority within Web3 is literally the foundation of actually establishing credibility.” Source

Tradfi Market Participants See Opportunity in Crypto Investing Despite ‘Red Wedding,’ Burning Buildings

The digital asset ecosystem is broader and deeper than in the past, Tapiero said, and assets have lower correlations to bitcoin itself. Despite asserting that “I’m not hearing anyone say that Bitcoin is going to zero,” he said the existence of uncorrelated digital assets gives institutions the opportunity to expand beyond bitcoin, such as investing in discounted altcoins and tokens. Source