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After Friend.tech’s failure, SocialFi must ‘cross the chasm’ to succeed

In the wake of Friend.tech’s collapse, Cointelegraph spoke with industry leaders to find out what went wrong and what comes next.

The social finance (SocialFi) sector can learn valuable lessons from the collapse of Friend.tech, helping to drive the next generation of projects to sustained long-term success.

SocialFi reimagines social media with decentralized structures, promising users greater control over their data, privacy and monetization opportunities. 

Friend.tech linked its decentralized social media platform to X, catching a hype wave from August 2023 into 2024. But its token’s price crashed in May and was effectively pronounced dead in August.

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Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025The Bank of Russia aims to open the payment infrastructure for the Russian central bank digital currency (CBDC), the digital ruble, by July next year. Larger banks will offer digital ruble accounts and services by this deadline, with smaller institutions following later. The initiative seeks to enhance payment efficiency and reduce costs, with retailers also […]

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Tether onboards head of government affairs from PayPal

Jesse Spiro said he intended to work with industry leaders and lawmakers to help grow the ecosystem in his role at Tether.

Stablecoin issuer Tether announced that Jesse Spiro will join the firm as its head of government affairs after three years at PayPal.

In a Sept. 13 notice, Tether said Spiro would be responsible for “leading policy and engagement efforts with lawmakers, regulators, and key stakeholders” in his role at the company. He was the head of regulatory relations for PayPal’s blockchain and crypto business from 2021 to 2024 and worked at Chainalysis for more than two years in roles concerning policy and government affairs. 

According to Tether CEO Paolo Ardoino, Spiro’s appointment was part of Tether’s “commitment to responsible innovation” in the crypto space. Spiro said he intended to work with industry leaders and lawmakers to help grow the ecosystem.

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