The announcement of Facebook to change its name to Meta Platforms, Inc. (NASDAQ:FB) sent shockwaves through the digital marketplace, in particular through the rise of multiple cryptocurrencies and heightened debate over which coins and tokens should businesses accept. We feel it’s wise to look deeper at what’s happening with Meta Platforms, Inc. (NASDAQ:FB), as well as Robinhood Markets, Inc. (NASDAQ:HOOD), Coinbase Global, Inc. (NASDAQ:COIN), and AMC Entertainment Holdings, Inc. (NYSE:AMC).
Meta Platforms, Inc. (NASDAQ:FB)
“[The name change] brings together our apps and technologies under one new company brand,” announced Meta CEO Mark Zuckerberg. “Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow businesses.”
However, many critics are seeing the name change actually backfiring, and effectively killing the metaverse. To be clear, Meta is not the actual Metaverse itself. Early adopters of the Metaverse are not pleased with Facebook after the change.
“I think Facebook has made this early name change to essentially secure the new trademark legally as soon as possible as more brands become interested,” said a UK-based crypto investor known as Pranksy, who said he first bought virtual world real estate around early 2020.
Robinhood Markets, Inc. (NASDAQ:HOOD)
A social media campaign hounded Robinhood with the question “When #shiba?”, referring to the increasingly popular Shiba Inu (SHIBA) token.
“Our customers want new coins,” said Robinhood CEO Vlad Tenev. “[But] we’re having to carefully evaluate whether we can add new coins in a way that’s safe for customers and in line with regulatory requirements.”
Meanwhile, the trading platform is offering free DOGE along with Bitcoin (BTC) and ETH through a sweepstakes partnership with fast-food giant Burger King.
Coinbase Global, Inc. (NASDAQ:COIN)
Users of Coinbase Global, Inc. (NASDAQ:COIN) who wanted to join in on the astounding Shiba Inu rally, were furious when the cryptocurrency exchange providers went offline, leaving traders unable to sell their holdings.
Coinbase took too long to resolve the issue, as the price of Shiba Inu had already plummeted by the time it was back online. However, when online, Coinbase users can trade SHIB, unlike current users of Robinhood.
Despite its challenges, Shiba Inu officially went on to surpass Dogecoin in market value, hitting $40 billion.
AMC Entertainment Holdings, Inc. (NYSE:AMC)
AMC Entertainment Holdings, Inc. (NYSE:AMC) already accepts DOGE, but has now floated the idea of also accepting SHIBA as well.
“As you know, you can now purchase AMC gift cards using cryptocurrency, and our IT group is writing code so that soon we can accept online payments in bitcoin, ethereum, litecoin, and dogecoin among others,” wrote AMC CEO Adam Aron. “Should we strive to take shiba inu too?”
Phrased as a poll, the CEO received an overwhelming positive response close to 90% in favor of the movie theater chain accepting it.
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