Online dating service Tinder curtailed plans to issue its cryptocurrency due to the company’s dismal financial performance.
Online dating platform Tinder has changed its mind about launching its own cryptocurrency Tinder Coin. The parent company Match Group announced this in an open letter to investors.
As the reason for the refusal to work on the project, the company called “mixed reviews” of testing the cryptocurrency, as well as the depressing financial situation of Tinder, Match Group CEO Bernard Kim noted in a letter that the dating site has failed to realize its potential through service monetization over the past few quarters.
Due to failures, the head of Tinder, Renate Nyborg, will leave his post without working at the company for even a year. Instead of Nyborg, Kim will be the interim head of Tinder.
According to the media, during a conference call with investors, Kim admitted that the decision to stop work on the cryptocurrency was a “disappointment” for top management but emphasized its need to focus on the company’s priorities.
According to the head of the Match Group, Tinder’s problems lie in the “poor execution of several optimizations and new product initiatives.” It remains unclear if Tinder plans to resume work on the project.