Search Results for: tencent

Chinese Tech Giants Tencent and Bytedance Plan Cuts in Their Metaverse Divisions

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According to reports, Tencent and Bytedance, two Chinese tech giants, are planning to execute a significant number of job cuts in their metaverse divisions. Tencent recognized it is making some staff adjustments, amidst rumors of hundreds of layoffs in its extended…

Chinese Zhejiang Province Aims to Build a $28.7 Billion Metaverse Industry by 2025

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Zhejiang, a coastal province of China, has presented a metaverse development plan that seeks to build a metaverse hub in its territory. The plan aims to entice the creation of a $28.7 billion metaverse industry and construct an ecosystem of several…

Linux Launches Foundation to Bolster Open-Source, Multi-Purpose Crypto Wallets

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On Tuesday, the non-profit technology consortium, the Linux Foundation, announced the launch of the Openwallet Foundation (OWF) in order to bolster the development of open-source crypto wallets. OWF’s goal is to increase “interoperability for a wide range of wallet use cases”…

Metaverse Startup Ready Player Me Raises $56 Million in Series B Led by Andreessen Horowitz

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The AI-generated avatar creation cross-platform for the metaverse, Ready Player Me, has raised $56 million in a Series B funding round led by Andreessen Horowitz (a16z). The startup’s co-founder and CEO Timmu Tõke says the funding will be used to scale…

Tencent Launches Extended Reality Unit to Tackle the Metaverse Market

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Tencent, the Chinese technology and entertainment giant, announced the creation of its own metaverse-driven division. The division, named the extended reality unit, will be the one tasked with encompassing all metaverse-driven efforts, including hardware and software developments. According to reports, the…

Wechat to Prohibit Accounts From Providing Some NFT and Crypto Services

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Tencent’s Wechat intends to impose penalties on public accounts facilitating secondary trading of NFTs, a press report has revealed. Accounts offering transaction channels and guidance for cryptocurrencies have also been targeted by the new rule. Popular Chinese App to Impose Restrictions…

South Africa’s Digital Bank Tyme Completes Series B Round With Additional $70M Capital Raise

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Tymebank, a South Africa-based digital bank, recently completed its Series B funding round with $70 million invested in the firm by Tencent and U.K. development financier, CDC Group. Funds to Support Tyme’s Expansion Into New Markets Tymebank, a digital bank from…