Meta’s Diem stablecoin being sold to Silvergate Capital for $200 million
Meta or Facebook, as many of us know it as, has finally given up on its plans of releasing a stablecoin and bringing cryptocurrencies to the masses. The Diem Association formed in 2019 for the development of Facebook’s stablecoin is finally putting down its weapons.
Diem sold to Silvergate Capital
Diem is being sold to Silvergate Capital, a holding company for Silvergate Bank, for a whopping $200 million, as per a report from Wall Street Journal, who did not cite any sources for the same except that it was revealed by a person familiar with the matter.The Diem Association was given the task of developing the stablecoin and building a futuristic payments network. However, the report says that Silvergate Capital and the Association made a deal to allow the former to issue some of the stablecoins, which were backed by actual dollars.
The last rite
It seems that Facebook, now Meta Platforms Inc., is attempting to squeeze out all the juice left in the project by selling the technology that was controversial from the start. The Diem project had received its share of criticism and was originally planned to launch as Libra. The goal was to make sending money as easy as sending a simple message.During the initial launch of Diem, the regulators believed that Meta could hold more power than it should with the release of stablecoins and cited the chances of money laundering and terror financing. They also were worried about the project’s financial stability and data privacy.
On the other hand, Facebook, now Meta, has recently turned its attention to NFTs and the metaverse, as suggested by its name. The firm is also working on plans to allow the users on its various platforms to mint and sell NFTs via their audience.
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