Tinder Suspends Crypto And Metaverse Plans Following Disappointing Q2 Earning And CEO Departure By DailyCoin

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Tinder Suspends Crypto And Metaverse Plans Following Disappointing Q2 Earning And CEO Departure

Published Aug 04, 2022 09:15AM ET Updated Aug 04, 2022 10:00AM ET

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Tinder Suspends Crypto And Metaverse Plans Following Disappointing Q2 Earning And CEO Departure

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The online dating giant and parent company behind the popular dating app Tinder, Match Group (NASDAQ:MTCH), has announced that it will pull the plug on its crypto launch and cut funding for its metaverse following a disappointing Q2.

Match Group Pulls Plug on Tinder’s Crypto Plans

In a recent release, Bernard Kim, CEO of Match Group, announced that the dating company will be dialing down on its metaverse investments.

Bernard Kim said, “given uncertainty about the ultimate contours of the metaverse and what will or won’t work … I’ve instructed the Hyperconnect team to iterate but not invest heavily in metaverse at this time.”

In addition, the CEO of Match Group revealed that the company has scrapped plans to release an in-app digital currency called Tinder Coins.

The pulling of plugs on Tinder’s crypto and metaverse move follows a disappointing outing in Q2 (a $795m revenue against a predicted $810m), falling short on product execution and attracting new users.

Tinder’s CEO Leaves

In the Tuesday letter to stakeholders, Bernard Kim also announced that Tinder’s newest CEO, Renate Nyborg, will leave the company after spending less than a year on the job.

Following the departure of Nyborg, Tinder reorganizes its management team. Kim said he will oversee the team while Tinder searches for a permanent CEO.

On the Flipside

Despite Tinder’s exit from the crypto scene, love and dating scams are on the rise.

Why You Should Care

This starkly contrasts Tinder’s bullish view on the metaverse and crypto earlier this year, acquiring Hyperconnect for $1.73 billion to launch Tinderverse, a Metaverse dating platform.

Read about crypto love scams in:

Tinder Fraudsters Sweet Talk Dates into Cracking Open Their Crypto Savings

While Tinder pulls out, other companies enter the metaverse as it expands. Read:

Tomorrow Decentraland Is Launching The World’s First Metaverse ATM

Continue reading on DailyCoin

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