Connect with us

News

Meta taking off NFT feature across platforms

Meta is scrapping its nonfungible token features across its social media platforms, Facebook and Instagram.

Published

on

Meta is scrapping its nonfungible token features across its social media platforms, Facebook and Instagram.

Meta’s head of commerce and financial technologies Stephane Kasriel tweeted the news on March 13, saying Meta is winding down its NFT support to focus on other ways to support creators, people, and businesses.”

Kasriel added the firm is still prioritizing ways for users to connect with their fans and monetize and will focus on tools such as building payment rails on its platform and through its messaging apps, along with monetizing Reels, the short-form videos that feature on Facebook and Instagram.

The NFT features expanded again in August as Instagram made NFT tools available to over 100 countries. In November last year, Metlaunched an “end-to-end toolkit” for minting and trading NFTs within Instagram.

The announcement received scathing criticism from the crypto community, with NFT artist Dave Krugman tweeting it was “a short-sighted move” and that Meta quit before it even started.

Meta’s scrapping of its NFT tools aligns with other cost-cutting measures across the company as it directs focus to its expensive metaverse ambitions.

Last year alone, its metaverse-building division Reality Labs recorded its largest-ever yearly losses at $13.7 billion. Meta also undertook in November the first mass layoff in the company’s history, cutting 13% of its workforce, some 11,000 staff.

Business

Kenya’s crypto tax could hinder Africa’s digital growth opportunity

Published

on

The International Monetary Fund (IMF) has recommended that Kenya overhaul its cryptocurrency regulations to establish a transparent, reliable framework. The agency highlighted the country’s outdated financial rules that inadequately cover digital assets, leading to increased vulnerability to scams and illicit financial activities.

During a visit in Nairobi, IMF experts noted a lack of consensus among Kenyan legislators on crypto regulation. They emphasized the need for Kenya to define clear legal terms, align its rules with international anti-money laundering (AML) and counter-terrorism financing (CFT) standards, and learn from global frameworks like the Bali Fintech Agenda and Financial Stability Board guidelines.

The IMF’s recommendations include short-term steps—conducting empirical market studies, enhancing coordination among regulators, and clarifying the legal scope of crypto assets. They also proposed mid- to long-term measures, such as licensing virtual asset service providers (VASPs), establishing robust supervisory bodies, and ensuring consistency in legal terminology.

Ultimately, the IMF stressed that Kenya should engage with international regulatory counterparts to better oversee cross-border exchanges, protect consumers, and promote financial innovation without sacrificing market stability.

Continue Reading

Business

Ether crypto funds see $296M inflows in best week since Trump election

Published

on

Institutional investors funneled $296 million into Ethereum-focused funds over the past week, marking the largest weekly inflow since the U.S. presidential election in November. With these inflows, Ethereum has overtaken Bitcoin in terms of weekly gains in crypto investment vehicles.

The surge is part of a broader upswing in crypto asset allocations. Digital asset funds logged a total of $7.05 billion in net inflows during May, pushing crypto fund holdings to a record $167 billion. Within this, Bitcoin funds gathered $5.5 billion while Ethereum products attracted $890 million.

Analysts point to growing interest in Ethereum as it reels in capital seeking exposure to DeFi, smart contracts, and next‑generation blockchain infrastructure. Over the last 30 days, Ether’s price trended upward, and its ETH/BTC valuation ratio strengthened considerably.

Recent inflows into Ethereum products appear driven by supportive macroeconomic signals, improved technical price patterns, and rising adoption of spot Ether exchange‑traded funds (ETFs). Meanwhile, Bitcoin-focused funds saw outflows totaling around $56.5 million.

Continue Reading

Business

Tether USDT stablecoin seen on Bolivian store price tags

Published

on

Retailers across Bolivia are now quoting prices in Tether’s USDT stablecoin for everyday goods like chocolates, sunglasses, and snacks, according to Tether CTO Paolo Ardoino.

The shift reflects growing reliance on stable digital currency as Bolivians seek protection against volatility in the boliviano, with USDT providing a more predictable value for both consumers and merchants.

Ardoino highlighted that using digital dollars at the point of sale offers practical advantages for everyday shoppers, and analysts suggest this could serve as a model for other countries facing currency instability.

This development builds on earlier steps toward crypto integration in Bolivia—most notably, the launch of USDT custody services by Banco Bisa in October 2024, under the oversight of the country’s financial regulator.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk