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 Reportedly Seeking Buyers for Diem Crypto Project
Mark Zuckerberg’s Meta, formerly Facebook, is trying to sell its assets in the 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.
The Diem Association is considering a sale of its assets as a way to return capital to its investor members, the people explained. They added that Diem is in discussions with investment bankers about selling its intellectual property and finding a new home for the project 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, the people noted that the bank’s regulator told Silvergate it was uneasy with the Diem launch plan and could not assure the bank that it would allow that 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 headed the company’s Diem efforts, resigned at the end of 2021.
Tags in this story
Facebook, facebook cryptocurrency, Facebook selling diem, Facebook selling Libra, Facebook stablecoin, Libra, Mark Zuckerberg, Meta, Meta crypto, meta cryptocurrency, meta selling diem, meta stablecoin, Selling Libra
What do you think about Meta trying to sell its assets in the Diem crypto project? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
More Popular NewsIn Case You Missed It