Meta’s virtual reality (VR) and Metaverse division, Reality Labs, has posted its seventh consecutive quarter of losses. But, its CEO, Mark Zuckerberg, remains firm in his decision to invest in this technology, which he describes as a “massive opportunity”.
During the Meta second-quarter earnings call on July 27, Mark Zuckerberg acknowledged that those losses could continue for several more years. Until VR applications and their Metaverse platform are mature enough. This, as if to take advantage of the “massive opportunity” valued at “hundreds of billions of dollars”.
The prolongation of Reality Labs’ operating losses was revealed in the report of Meta’s second quarter results. These losses are not unusual for divisions in the research and development phase.
Bitcoin price battles 23K level as data suggests US is in ‘technical recession’
Bitcoin regained more ground lost at the July 28 Wall Street open. Amid confusion over whether the US had entered a new recession.
The boost benefited from the US GDP data, which fell for the second consecutive quarter. Thus fulfilling the requirements for a recession in the economy.
At the time of writing this article Bitcoin is trading at USD 23,801. Thus registering an increasing variation of 4.21% according to what was indicated by our internal tool Crypto Online.
IMF head says algorithmic, non-cash backed stablecoins will fail
The head of capital markets at the International Monetary Fund (IMF) believes that there could be more failures of “coin offerings”. Including algorithmic stablecoins, in the midst of the current crypto winter.
In the interview given to Yahoo Finance on July 27, Tobias Adrian, director of money and capital markets at the IMF, stated that there could be more failures of some coin offerings, in particular algorithmic stablecoins.
The IMF director also noted on Wednesday that there were “some vulnerabilities” of certain fiat-backed stablecoins, referring to Tether, which according to him are not “backed one-on-one” with the US dollar (USD).
Adrian also mentioned that stablecoins need a “global regulatory approach” to better protect investors.
The Law Commission of England and Wales proposes reforms for digital assets
The Law Commission of England and Wales is propose a series of legal reforms to provide greater legal recognition and protection to users of cryptocurrencies and digital assets.
The institution is reviewing existing legislation on digital assets at the request of the British government in an effort to accommodate the space as it continues to grow in scope and use. The Law Commission announced on Thursday the convening of a public consultation to legal experts, technologists and users.