Meta to Rename Facebook Pay to ↔️ Meta Pay Soon
Scott D. Clary | Daily Business, Tech & Finance Newsletter
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Meta to Rename Facebook Pay to ↔️ Meta Pay Soon
Social media giant Meta is continuing to rename its products after the company changed its name to Meta. The company is now planning to rename its payment system from Facebook Pay to Meta Pay.
“The experience that people see today is Facebook Pay, but we’ll be bringing that closer to the Meta brand soon by renaming it Meta Pay,” said Meta’s head of fintech, Stephane Kasriel in a blog post.
With this rebranding, Meta is looking to focus on enhancing the payments experiences it already offers with Facebook Pay in regions where it’s seeing good adoption, as opposed to focusing on expanding to new countries.
Apart from renaming, the company is also exploring how it can further simplify the payments experience across its platform to make payments easier to access and process in the metaverse.
Stephane noted that Meta is in the “very early stages” of considering what a single wallet experience may look like.
Meta is also looking at how you can pay easily to a friend or while making a purchase from a business or creator. The company plans to share more details on the upcoming features in the future.
Rivian 🚗 to Recall 500 Pickup Trucks Over Faulty Airbags
Electric Vehicle maker Rivian is recalling about 500 2022 R1T electric pickup trucks in the U.S. for a sensor defect that could cause airbags to improperly deploy when a child is in the front passenger seat.
The automaker said it was not aware of any accidents or injuries related to the issue and will replace the passenger seat in the recalled vehicles.
Rivian is notifying customers impacted by the recall and replacing the front passenger seat at no charge.
Owners of affected vehicles will receive letters by July 1, Rivian said. The company added saying, “infants and children should not be placed in the front passenger seat of affected Rivian vehicles until a front passenger seat replacement is complete.”
Rivian further said its supplier has assumed the cost of seat replacement, and the service centers will replace the front passenger seats in affected vehicles free of charge.
The company said the issue was because of a “defect during supplier manufacturing of the seat.”
Binance to Delist ❌ LUNA/USDT Contracts
Crypto exchange Binance announced the suspension of perpetual contracts on the LUNA/USDT pair, following a more than 99% drop in price.
This decision comes after a series of events that caused the price of LUNA to plunge by more than 99%, causing millions of dollars in losses to investors in the crypto community.
In a blog post, Binance said, “Binance Futures will conduct an automatic settlement on the LUNA USDT-Margined Contract and then delist this contract at 2022–05–12 15:30 (UTC) as mentioned in the previous announcement.”
This move from Binance is not spontaneous, as the crypto exchange had already reduced the maximum leverage on LUNA futures to 8X after seeing a massive wave of liquidations due to overleveraged positions.
In a further statement, Binance said that it could also delist LUNA/USDT contracts if the prices fall below 0.005 USDT.
“Should the price of the LUNAUSDT contracts go below 0.005 USDT, Binance shall proceed to delist the contracts. Any further information including the delisting time will be announced accordingly,” Binance had said in a blog post.
Drone Software Company SkySpecs Secures $80 Million in Series D 💰
SkySpecs, a U.S.-based company offering purpose-built software and services for renewable energy asset management in North America and Europe, has raised $80 million in its Series D funding round.
The funding was led by Goldman Sachs Asset Management (Goldman Sachs) along with participation from NextEra Energy Resources. Existing investors Statkraft Ventures, Equinor Ventures, Evergy Ventures, UL Ventures, and Huron River Ventures also participated in the funding.
Founded in 2012, SkySpecs provides service and software solutions to make renewable energy the most efficient power source in the world.
The company develops an affordable form of energy, through the use of an automated drone inspection service and analytics platform that allows for repeatability, high-quality data, and safer inspections.
The fresh capital will help SkySpecs accelerate the expansion of its software offerings by leveraging its existing foundation of automated high-quality data collection and analytics.
In addition, the company plans to use the funds to expand its geographical footprint to advance its mission to optimize renewable performance and help displace fossil fuel generation.
Around the Web 🌐
Nasdaq to Launch Crypto Trading Platform Jointly With XP in Brazil: Brazil’s largest brokerage and trading platform XP Inc. announced the official creation of XTAGE, a new cryptocurrency trading platform in collaboration with Nasdaq. The platform is expected to be operational by the end of the second quarter of 2022.
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