Facebook sells off Diem

Meta's (formerly Facebook) Diem project has failed. The consortium is now selling the technology surrounding the stablecoin to a US bank from California.

The Diem Association , founded by Meta (formerly Facebook) in 2019, has sold its eponymous stablecoin project to Silvergate Capital . The Wall Street Journal reports , citing inside sources.

Accordingly, the Californian bank, whose customer base mainly includes blockchain companies, will pay around 200 million US dollars to the consortium and will receive the underlying technology infrastructure and associated intellectual property in Diem.

Prior to this, there were agreements between the parties that authorized Silvergate Capital to issue some of the stablecoins for testing purposes.

The ambitious Facebook project originally wanted to revolutionize the global payment system with Diem (then still Libra). Since then, however, the consortium has been in a clinch with regulators worldwide and successively restricted the functions of the stablecoin.

With the sale, Meta finally capitulates. What exactly Silvergate Capital intends to do with Diem remains unclear for the time being.

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