Mark Zuckerberg And Co. Consider Selling Diem / Libra, Their Stablecoin Project
Another one bites the dust. The Diem project is dead, according to Bloomberg. The report comes from anonymous sources and does its best not to assure anything. However, considering the project’s head David Marcus left the company two months ago and Diem’s convoluted history, it’s not hard to believe. Apparently, Meta/ Facebook is considering selling […]
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Meta, formerly Facebook, is reportedly in talks with investment bankers to sell its assets in the cryptocurrency project Diem, formerly Libra. The diem USD stablecoin was supposed to be issued by Silvergate Bank but it failed to get regulatory approval. Meta Reportedly Seeking Buyers for Diem Crypto Project Mark Zuckerberg’s Meta, formerly Facebook, is trying to sell its assets in the cryptocurrency project Diem, formerly Libra, Bloomberg reported Tuesday, citing people familiar with the matter. Meta owns about a third of the venture; the rest is owned by other members of the Diem....
It looks like Meta is planning to jump ship, with inside sources saying that the crypto initiative is trying to sell its assets. Meta-backed crypto initiative “Diem” is reportedly trying to sell its assets, seemingly calling time on Facebook founder Mark Zuckerberg’s grand ambitions for a stablecoin to act as the internet’s currency. Diem — which was previously known as Libra — is Meta Platform’s cryptocurrency initiative. According to insider sources speaking with Bloomberg, it is considering selling assets to return capital to its investors. The sources said that Diem is in discussions....
The project is hoping that a new name will help people forget the mass regulatory panic that drowned out Libra's initial announcement. Per a Tuesday press release, the Libra Association is changing its name to the Diem Association.The shift is likely in the hopes of turning the page on Libra's PR. Facebook initially announced its planned global stablecoin Libra in June of last year to immediate regulatory uproar that has swamped the project since. Facebook's involvement has proved especially controversial.The new name uses the Latin for day, as in "carpe diem." The Association's press....
It only took Libra/Diem two years to come full circle from publishing its white paper to falling apart. On Jan. 31, Meta, formerly known as Facebook, announced that it was pulling from its stablecoin project, Diem, formerly known as Libra. Intellectual property and other assets related to the operations of the Diem Payment Network were to be sold to Silvergate Capital Corporation, essentially meaning the end to Mark Zuckerberg and his corporations’ stablecoin aspirations, at least in their current shape. This also marks the end of a once-groundbreaking initiative that was revealed in 2019....
In response to a letter from the U.S. calling on Facebook to halt its stablecoin and crypto wallet projects, Diem stated that it “is not Facebook. We are an independent organization” Stablecoin project Diem has distanced itself from its Facebook in response to Democrat Senators calling for the immediate cessation of the firm’s Novi crypto wallet.Diem also claimed senior regulators had called it “the best-designed stablecoin project that the U.S. government had seen.”In an Oct. 19 letter sent to Facebook CEO Mark Zuckerberg, the Senators including crypto critic Elizabeth Warren, voiced....