Meta is shutting down Novi, its short-lived cryptocurrency digital wallet. In a notice spotted by Bloomberg, the company announced it would sunset the platform on September 1st, with July 20th being the final day to add funds. Meta advised users to withdraw their balance “as soon as possible,” noting it would “attempt to transfer” any remaining money to customer bank accounts and debit cards after Novi’s final day of operation.
For the time being, the shutdown effectively marks the end of Meta’s cryptocurrency ambitions. The company began a “small pilot” of Novi last October. The wallet launched without support for Diem – Meta’s in-house cryptocurrency, which was previously known as Libra. One month later, David Marcus, the company’s crypto chief, left Meta. At the start of 2022, the Diem Association announced it was selling its assets and “winding down” operations.
But the demise of Novi and Diem doesn’t mean Meta won’t make another digital wallet. “We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles,” a company spokesperson told Bloomberg. “You can expect to see more from us in the web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”
In fact, the company announced last month that it was rebranding Facebook Pay to Meta Pay. At the time, Mark Zuckerberg called the change a “first step” toward creating a digital wallet for the metaverse. The executive said he envisioned a future where Meta Pay would function as a place to store all the digital items you buy or create in virtual worlds.
Square stock bulls focus on its Cash App and Afterpay synergies but bears worry over Bitcoin and a possible recession.
Online Travel This Week There were winners, including Vrbo, Hopper, and Expedia, and losers such as Airbnb, in the first half of 2022 in the U.S. as online travel agencies competed with one another via mobile app updates; Snap, TikTok, and TV marketing campaigns; and other forms of paid search spend. Here are seven takeaways […]
Alphabet unit Google said it will from Tuesday cut fees to 12%, from 15%, for non-gaming app developers on its Google Play App Store which switch to rival payment systems, as it moves to comply with new EU tech rules. The world's most popular internet search engine said the fee cut applies only to European consumers while the freedom to use another payment system will eventually be expanded to gaming apps as well. The move underscores a change in Google's strategy since last year where it now prefers to bow to regulatory and antitrust pressure with offers of concessions rather than embark on lengthy and distracting fights.
Acast, the Swedish tech company that helps businesses and individuals publish and monetize podcasts, has announced plans to acquire podcast database Podchaser. The deal initially values Podchaser at $27.2 million, though this could rise by a further $6.8 million if Podchaser meets certain "performance conditions." Founded out of Stockholm in 2014, Acast is a prominent brand in the podcast technology space, serving as a host and distribution platform that allows outlets including The Guardian and The Economist to publish their podcasts to pretty much any app, including Apple Podcasts and Spotify.
Ether (ETH) price briefly climbed above $1,500 as the merge approaches. "The Hash" panel discusses the outlook on ether's future and debate whether the price gain is a fake pump in the bear market. Plus, a conversation on proof-of-stake blockchain's environmental impacts.
International Business Machines is scheduled to report their latest quarterly numbers to shareholders and analysts after the close of trading Monday. What do the charts and indicators look like? Let's check.
(Bloomberg) — Major European grains shipper Romania warned that it could export much less corn and sunflowers this season as it prioritizes local supplies after drought battered harvests.Most Read from BloombergThis Could Be the Start of a Dollar ‘Doom Loop’ Like No OtherChina Disputes Report Xi Invited Europe Heads to Beijing MeetingGhana Declares First Marburg Virus Disease OutbreakA Goldman Legend, Crypto Star and Top Banker Warn of Next Big RiskThe country was by far the European Union’s bi
Ether gains about 24% over the past seven days, providing some respite to investors battered by carnage in the crypto complex, as Ethereum’s backers eye September 19 for the blockchain’s highly anticipated 'Merge' upgrade.
The German auto maker is bringing back the Scout. The early off-roader is morphing into a line of all-electric trucks and SUVs.
Top-Rated Large-Cap Mutual Funds as of 6/30/22 Fund Name, Ticker, Overall Rating, (Risk Grade) Port Street Quality Growth Inst A+ (B+) Ariel Global Investor A+ (B-) Invesco US Managed Volatility R6 …
A revolt by Chinese homebuyers, who have threatened to stop paying mortgages on hundreds of unfinished housing projects, is spurring a shakeout among cash-starved property developers who have long relied on pre-sales of apartments. Homebuyers are responding not just with protests and threats of mortgage boycotts, but by taking their business to deep-pocketed state-owned developers, or insisting only on buying completed apartments. This shift in behaviour looks set to reshape China's property sector, analysts and developers say, while a number of private companies, who last year sold as much as 90% of new housing units before construction was complete, may not survive the transition.
U.S. weapons maker Lockheed Martin Corp lowered its 2022 revenue and earnings per share targets on Tuesday after F-35 fighter jet sales fell amid pandemic-related headwinds and as losses at its venture arm and other one-time charges piled up. Quarterly sales at Lockheed's largest unit, Aeronautics, which makes the F-35, fell 12% to $5.8 billion. Chief Financial Officer Jay Malave told Reuters in an interview the program had been hurt by the end of some federal funding, while supply chain issues had hit the aeronautics unit broadly.
(Bloomberg) — Taiwan Semiconductor Manufacturing Co. is selling its second dollar bond since April, a deal that may offer clues about investor appetite at a time of growing uncertainties about the chip industry’s outlook. Most Read from BloombergThese Are the World’s Most (and Least) Powerful Passports in 2022Kissinger Warns Biden Against Endless Confrontation With ChinaS&P 500 Struts Stuff With Best Day in Three Weeks: Markets WrapThe world’s largest contract chipmaker is marketing a two-part
A Relative Strength Rating upgrade for Old Dominion stock shows improving technical performance. Will it continue?
Hasbro and the New York Times announced a board game based on the popular Wordle digital puzzle game, and Hasbro sales presales have hit a record.
Mergers and acquisitions activity among wealth management firms is still on fire despite volatile market conditions. Fidelity Institutional’s report said there were 61 deals involving registered investment advisory firms, or RIAs, during the second quarter, and a record 119 deals for the first half of the year, up 47% over the first six months of 2021. Echelon’s report tabulated 87 deals for the second quarter, up from 54 for the same period last year.
(Bloomberg) — Gold is holding near an 11-month low as investors weigh the US dollar’s retreat against rising Treasury yields amid improving sentiment in markets.Most Read from BloombergThese Are the World’s Most (and Least) Powerful Passports in 2022Kissinger Warns Biden Against Endless Confrontation With ChinaS&P 500 Struts Stuff With Best Day in Three Weeks: Markets WrapBullion has hovered in a narrow trading range, closing little changed since Friday, as a gauge of the greenback extended los
Shares of Biogen , a biotechnology company that makes advanced drugs to treat patients with diseases like multiple sclerosis and Alzheimer's disease, have been quietly basing the past five months following a big price decline. Bottom-line strategy: I have no special knowledge of what BIIB is going to report to shareholders and analysts Wednesday morning but the charts have improved and we could see prices advance.
A new civil suit filed in Sacramento County Superior Court has an arm of Buzz Oates focused on development suing … another Buzz Oates entity, focused on construction.
Signs that Russia won't cut off Europe's gas and that the ECB may deliver a bigger interest-rate hike boosted the euro.
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