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 is reportedly looking for buyers for the Diem Crypto project
Mark Zuckerberg’s Meta, formerly Facebook, is trying to sell its assets in 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 Association, one of the people said.
Association Diem is considering a sale of its assets as a way to return capital to its member investors, the people explained. They added that Diem is in talks with investment bankers about selling its intellectual property and finding a new home for the project’s engineers.
The association announced a partnership with Silvergate Bank in May last year for the bank to become the exclusive issuer of the Diem USD stablecoin.
However, people noted that the bank’s regulator told Silvergate that he was not comfortable with Diem’s launch plan and could not assure the bank that it would allow this. activity.
Facebook first unveiled the Libra crypto project in June 2019. Since then, it has faced relentless scrutiny from regulators worldwide, causing some partners to abandon the project, including Visa, Mastercard, and Paypal.
Libra later changed its name to Diem. David Marcus, who led the company’s Diem efforts, stepped down in late 2021.
