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Meta's Metaverse Division Posts Huge Loss in Q3 - Top Crypto Updates
Meta's Reality Labs metaverse division reported a $3.67 billion loss in Q3 2022, contributing to a year-to-date loss of over $9.43 billion. Meanwhile, Bitcoin and Ethereum saw price increases, and Singapore proposed restrictions on crypto trading with leverage.
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Key takeaways
- Meta's Reality Labs metaverse division lost $3.67 billion in the third quarter of 2022.
- Year-to-date, Meta's Reality Labs has lost over $9.43 billion.
- Bitcoin increased by 2.57% to $20,745.16, and Ethereum rose 4.19% to $1,557.38.
- The Monetary Authority of Singapore (MAS) proposed banning crypto trading using credit or leverage for retail customers.
- Binance launched an oracle network for its BNB Chain ecosystem, and SushiSwap approved a restructuring into three legal entities.
Meta's metaverse division reports $3.67 billion loss in Q3
Meta's Reality Labs metaverse division lost over $3.6 billion in the third quarter of 2022, compared to $2.63 billion at the same time last year. According to the quarterly report, Meta's Reality Labs has lost over $9.43 billion year-to-date. Launched in August 2020, Reality Labs is Meta's virtual and augmented reality arm that designs hardware and software, including Meta's Oculus virtual reality set.
Crypto prices today: Bitcoin up 2.5%, ETH rises 4.2%
Bitcoin is currently trading at $20,745.16, an increase of 2.57% over the previous day. Ethereum rose 4.19% over the last 24 hours to $1,557.38. Solana rose 2.07% to $31.83, while Cardano is trading higher by 1% at $0.409. Avalanche (AVAX) is up 1% to $17.29. The global crypto market cap stands at $1 trillion, a 2.47% increase over the previous day.
Singapore proposes to ban crypto trading using leverage
The Monetary Authority of Singapore (MAS) has proposed restrictions on the use of credit or leverage when trading crypto. The rules would stop crypto firms from extending credit or leverage to retail customers and prevent them from accepting payments via credit cards. These rules would not apply to institutional investors.
Binance launches oracle network for BNB Chain ecosystem
Binance has launched an oracle network for its BNB Chain ecosystem, which will connect the blockchain to real-world data and vice versa. An “early bird program” involving ten BNB projects kicked off at the same time. Initially, Binance Oracle will provide index prices for the most popular digital assets.
SushiSwap approves restructuring; to create 3 firms for DAO
The decentralized autonomous organization (DAO) behind crypto exchange SushiSwap has approved a legal structuring by an overwhelming majority. The proposal came after increased scrutiny over DAOs with the Commodity Futures Trading Commission suing Ooki DAO for alleged violations of U.S. investment laws. SushiSwap will now divide itself into three legal entities based in Panama and the Cayman Islands.
Frequently asked questions
How much did Meta's metaverse division lose in Q3 2022?
Meta's Reality Labs metaverse division lost $3.67 billion in the third quarter of 2022.
What is the year-to-date loss for Meta's Reality Labs?
Meta's Reality Labs has lost over $9.43 billion year-to-date.
What is Singapore proposing regarding crypto trading?
Singapore is proposing restrictions on the use of credit or leverage when trading crypto, which would stop crypto firms from extending credit or leverage to retail customers and prevent them from accepting payments via credit cards.
Written by
Cherian VargheseRelated reads
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