Nuked After multiple rebrands, congressional hearings, and several high-profile staff departures, the meta-backed cryptocurrency known as diem is calling it quits.
The association behind diem confirmed Monday that it sold its assets for around $ 200 million to silvergate, a crypto-focused bank it was working with last year to launch a stablecoin pegged to the U.S. dollar.
The sale of diem’s assets marks the end of an effort that was doomed from the start. Facebook created the apps that would have been the main way people used the token.
Governments around the world are starting to take notice and look at legislation. In November, the US Treasury said it thought stablecoins should be regulated as banks. The White House is planning to direct federal agencies to regulate cryptocurrencies as a matter of national security.
The odds of meta ever reemerging with the same level of backing it once had feel slim. With nearly all of meta’s founding team gone from meta, the chance of silvergate or another player revives the project.
Former Facebook executive David Marcus, who created Libra, left late last year. Marcus tweeted that the project was politicized by how it was politicized.
There will be sufficient time for me to properly reflect on the behavior of certain politicians and regulators along the way, but for now, onward!.
