💰Meta’s Shifting Business Model

[View in Browser]( [Gif Ledger Bites]( 04/02/2022 A new malware targets software wallets, Google strongly considers Web3, Meta’s stock Tumbles while the Crypto Market resists… Your weekly Biiiiiites brought to you by Milan from Ledger. ParaSwap V5 is now available in your Ledger Live app! You can now trade stETH tokens on Paraswap through Ledger Live. That means you can stake your ETH with Lido, receive stETH tokens & then swap them back to ETH with Paraswap, all from your Ledger Live app. Learn more [here.]( [Figures] [FTX]( [NYC]( Crypto assets can be managed on your Ledger Live! [Go check now →]( [In the know] [Borep Ape Creator In Talks with Andreessen Horowitz.]( The world’s largest crypto investor is reportedly eyeing an investment in Yuga Labs, the startup behind Bored Ape Yacht Club NFT collection, with a valuation as high as $5 billion. [Google considers Web3 and Blockchain for its business activities.]( Sundar Pichai, Alphabet’s CEO, said they’re looking at how the company can “contribute to the Web3 ecosystem,” adding that the Cloud team “is looking at how they can support customers’ needs in building, transacting, storing value and deploying new products on blockchain-based platforms.” [India edges toward Crypto legalization.]( Indian Finance Minister Nirmala Sitharaman announced a 30% income tax on the transfer of virtual digital assets: “there has been a phenomenal increase in transactions in virtual digital assets, making it imperative to provide a specific tax regime.” [The Sandbox partners with Warner Bros.]( The latter plans to open a “beachfront estate” that combines a musical theme park and concert venue. Warner Bros commented. “We’ll develop persistent, immersive social music experiences that defy real-world limitations and allow our artists and their fans to engage like never before.” [Warning! A new malware targets software wallets.]( This new hacking tool increases online wallets’ vulnerability by targeting those working with browser extensions such as MetaMask, Binance Chain or Coinbase Wallet. [Get Secure. Get Ledger.]( [The Crypto Market resists the stock shock.]( US stock losses have been paramount in the past two days with major names (Meta, Spotify, Paypal, Netflix) shedding significant portions (at least 20%) of their value. The crypto market avoided stock correlation while [Metaverse tokens actually surged.]( Wanna share our Biiiiiites with a friend ? [Send →]( [Insight of the week] Meta’s Vanished Crypto Dream? [IMF image] Source: [Bloomberg]( The association behind Diem, Meta’s “borderless digital currency”, officially announced that it [sold off its assets]( for around $200 million to Silvergate, a crypto-focused bank. Is this the end of Meta’s crypto dream? Meta created Diem to diversify its sources of revenue. But the tech giant found a new and powerful way to make money: digital immersion. The End of Meta’s Crypto Venture A tech giant launching its own stablecoin was a bridge too far for regulators. In a [press release]( Diem CEO Stuart Levey expressed that it became clear “from our dialogue with federal regulators that the project could not move ahead.” Broadly speaking, regulators’ reluctance is rooted in the fear of [excessive economic power]( concentrated in a single entity, and in the fact that Diem’s digital currency, beyond appearances, wasn’t decentralized enough. The launch of Diem would have implied “the combination of a stablecoin issuer (...) and a commercial firm,” something analogous to mixing of banking and commerce. For [The Verge]( it was doomed from the start. “Even though Facebook formed the Libra Association (...) people were fearful that it would make the controversial tech giant even more powerful.” From Crypto to Digital Immersion But when it comes to finding new sources of revenue, Meta has a lot of imagination. Zuckerberg has pledged to spend $10 billion a year over the next decade for the Metaverse. Unfortunately for Meta, this new quest [paused immediate profits](. The company’s shares tumbled 26% yesterday ([the biggest ever wipeout in market histor]( due to stagnant user growth and the company losing relevance to others like TikTok. Facebook Reality Labs [reported a $10 billion loss]( in 2021. These elements highlight Meta’s shifting ambitions to power the Metaverse. 24% of its jobs listed are for now AR/VR roles. The company recently [issued new patents]( including proposals “for a virtual store where users can buy digital goods or items that correspond with real-world goods.” Another patent depicts a system for tracking facial expressions through a headset that will then “adapt media content based on those responses.” Facebook won’t need a digital currency to power the Metaverse. Its strategy grew even further: to build a virtual reality platform where avatars will meet. But at what cost? [I wanna know more] Metaverse is a major buzzword. [Watch our Deep Dive]( and jump right into it. How does fashion interact with the Metaverse?[Watch School of Block]( and learn everything about “The Metaverse, a fashion stepping stone.” [Inside Ledger] Check out Ledger’s[Enter the Donjon miniseries]( first episode]( unveils the Donjon team.[The second episode]( uncovers side-channel attacks used to get into some hardware wallets.[The third episode]( highlights “laser attacks” and how they enable seed phrase extraction on flawed hardware wallets. Looking for a job at Ledger?[Click here to check our open positions.]( [Images of the week] We’ll ask him later [GIF of the week] Source: [Tittlepress]( How did you like our newsletter this week? 😍 [I buy!]( 😐 [I hodl!]( 😭 [I sell!]( [unsubscribe]( [Ledger]( Follow us on: [Ledger YouTube]( [Ledger Twitter]( [Ledger Instagram]( [Ledger Facebook]( [Ledger TikTok]( & listen to our podcast [here](. This email was sent to you because you signed up at Ledger.com or purchased a Ledger product. We respect your right to privacy. 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