Match Group (NASDAQ:MTCH), the parent company of popular dating app Tinder, says it is cutting funding for Web3-related research and development amid disappointing Q2 earnings and the departure of Tinder’s current CEO.
In a letter to shareholders on Tuesday, Match Group CEO Bernard Kim revealed that it will be scaling back its metaverse investments as well as scrapping plans to release an in-app digital currency called Tinder Coins.