Facebook Closes Diem Crypto Project and Sells

• The Diem Association, which oversees the development of the Diem digital currency has shutdown its asset and sold

• The Facebook-backed digital currency technology was acquired by Silvergate for $182 million on Monday

• The project which was launched in 2019 as Libra, ran into opposition at the hands of policy-makers

  Meta has failed at its attempt of launching a cryptocurrency and the project is shutting down.

The Diem association which is responsible for running the project has announced that it has been sold to Silvergate Capital Corporation for $182 million.
The crypto project which was launched as Libra in 2019, struggled from inception due to opposition from policy-makers.
The association claims that after dialoguing with regulators in the United States, it was determined that the project could not move ahead.

Although Diem Association is a separate company from Facebook, the company received funding from Facebook and the asset it was working on was intended to be a stable coin.
Facebook’s former head of cryptocurrency David Marcus claims that opposition against the idea was mostly due to the company behind it and it may far better with a more “acceptable” promoter.

Read also: FTX Crypto Exchange Hits $32 Billion in Valuation

Meanwhile Co-founder of Twitter and the CEO of Block Inc. Jack Dorsey has criticized Meta for its cryptocurrency project, claiming that the time will have been better spent promoting Bitcoin.

Dorsey believes that Mark Zuckerberg’s project was too focused on driving people to Meta’s products such as Facebook, WhatsApp, and Instagram.

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