Vale Diem: How Facebook’s ambitious stablecoin project came to an end
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....
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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....
There are two big questions on everyone’s lips now: What exactly is Facebook’s Diem, and what it will offer its potential 2 billion users? The year 2021 seems to be a big year for the blockchain world as several projects, such as nonfungible tokens (NFTs) and centralized decentralized finance exchanges (CeDeFis), are taking the central stage. Also at the forefront is Facebook’s Libra.Not too long ago, the media was rife with the news that the world’s largest social media network was developing plans for a global digital currency. Then, after a while, it looked like Facebook shelved plans....
Almost two years ago, social media giant Facebook set out to launch one of the most ambitious financial projects, a global stablecoin called Libra. The project took a lot of heat from regulators, lost important partners, and was believed to have been completely shut down. However, the project has been reborn as Diem with an […]
Diem’s push to launch stablecoins and a global payment system might suffer from the seemingly brewing anti-crypto sentiment among key U.S. policymakers. Facebook’s ambitious digital currency payment project Diem is yet to get off the ground despite concerted attempts to win over financial regulators.According to The Washington Post on Friday, Diem is facing difficulties smoothening regulatory wrinkles with senior policymakers in the Biden administration.Even with the full weight of Facebook’s significant lobbying power in Washington, the digital currency project is yet to get off the....
Diem, the cryptocurrency project headed by Facebook originally known as Libra, recently announced its plans to launch a stablecoin with its focus scaled back to the United States. The company stated earlier this year that it would be relocating its primary operations from Switzerland back to the United States, and would withdraw its payment system […]