The online dating giant and parent company behind the popular dating app Tinder, Match Group, 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 is reorganizing 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 with 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.
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While Tinder pulls out, other companies enter the metaverse as it expands. Read: