Day: July 26, 2023

Reality Labs losses top $7.7B year to date

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Meta’s metaverse-related losses topped $3.74 billion over the second quarter with the Big Tech player spending $7.7 billion on its virtual reality business so far in 2023. Its second-quarter results released on July 26 saw Meta report an 11% revenue gain compared to the previous year, totaling $31.9 billion. Its metaverse-focused Reality Labs revenue topped $276 million. Reality Labs’ operating losses are set to increase through 2023, Meta said. It cited product development efforts in virtual reality and further investments in to its metaverse as the reason for the losses extending. In…

Avalanche Foundation Commits $50 Million To Tokenized Asset Purchases

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The Avalanche (AVAX) Foundation has launched a $50 million initiative, called Avalanche Vista, to pioneer the future of asset tokenization.  According to the announcement, the foundation will allocate the funds to purchase tokenized assets, often referred to as “real world assets” or “off-chain assets,” minted on the Avalanche blockchain.  KKR Fund Tokenization On AVAX The goal of the program is to support and demonstrate the value of tokenization, the process of creating an on-chain digital representation of an asset, item, or thing. Avalanche’s consensus mechanism, subnet architecture, and technical innovation…

Private Banking Firm With $14B Assets Starts First Crypto Fund of Spain

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Bitcoin (BTC) Purchases Confirmed by Robert F. Kennedy Jr.

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CNBC reported earlier this month that Kennedy said he “was not an investor” in bitcoin, contradicting a financial disclosure form dated June 30 which revealed he owned between $100,001 and $250,000 of the cryptocurrency. The campaign first said the holding belonged to RFK’s wife before clarifying the assets did indeed belong to the candidate. Original

ERC-20 inventor discusses origins, new blockchains, BRC-20 and more

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In 2018, Ethereum lead developer Fabian Vogelsteller contacted the community for a new standard for smart contracts he created alongside co-founder Vitalik Buterin. Dubbed ERC-20, Vogelsteller, at the time, only wished for input regarding the novel idea. Little did he know that ERC-20 would ignite a wave of initial coin offerings (ICOs) shortly after its inception to become the industry gold standard for issuing tokens on the Ethereum blockchain. Just as ERC-20 tokens were gaining traction, Vogelsteller left the Ethereum Foundation the same year to focus on developing a new…

Judge Set To Rule On Bail

According to a recent report by Reuters, Sam Bankman-Fried, former CEO and founder of the bankrupt cryptocurrency exchange FTX, has had his bail conditions tightened by a US judge following allegations of witness tampering.  While the judge declined to jail Bankman-Fried immediately, he imposed a “gag order” requested by prosecutors and gave both sides until August 3 to submit written statements detailing their positions.  FTX Founder Accused Of Witness Tampering By U.S. Prosecutors Per the report, U.S. Prosecutors had requested that Bankman-Fried be jailed, accusing him of crossing a line…