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Facebook Eases Up On Crypto Ads

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Added 3 years ago by admin

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Facebook ($FB@US) recently rebranded to Meta Platforms Inc., making a massive bet on the metaverse and all the financial implications that come with such a change. As a result, the platform is now accepting 27 regulatory licenses, making way for more crypto ads. Previously, the company banned crypto ads in January 2018 in an effort to avoid scams related to ICOs. With the change in focus to virtual reality, cryptocurrencies will become more important than ever, allowing the new Meta Platforms brand to work in the NFT space, help consumers make digital purchases, and create a whole new economy within the impending metaverse. Additionally, the firm is planning to launch its own digital currency—once known as Diem—and is now renamed to Libra. In other news, Alphabet Inc. resumed crypto ads in August, along with new restrictions. Facebook shares closed 4.3% on Wednesday but rose 8-tenths of a percent in after-hours trading.

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