Diem Confirms It's Selling Assets and Scaling Back

Published Feb 01 2022 at 4:40 AM GMT
  • Diem, the'cryptocurrency'project founded by"Meta "CEO?Mark Zuckerberg, announced on Monday that it is selling its intellectual property and other assets to Silvergate Capital Corporation.
  • The Diem Association, formerly known as Libra, was'first introduced in 2019.
  • In a statement, CEO"Stuart Levey said that the project ran into roadblocks from federal regulators, preventing it from moving ahead.
  • "From the outset, the Diem project has been focused on leveraging the benefits of blockchain technology to design a better and more inclusive payment system," he said.
  • "The members of the Diem Association and our outstanding team pursued this vision with determination and perseverance, motivated by the desire to deliver substantial benefits to consumers and businesses, along with a payments solution for those who are currently underserved or excluded altogether from the traditional financial system.



  • Published Feb 1, 2022 4:40 AM GMT