Facebook's Crypto Venture to Sell Tech Assets

IndustryTrends

Diem Association, Meta's digital currency venture, is winding down and selling its technology to Silvergate Capital Corp.

 Originally unveiled as Libra in June 2019, the project aimed to expand Facebook's reach beyond social networking.

 Diem faced significant opposition from global policymakers concerned about its potential impacts.

In response to regulatory challenges, Facebook rebranded its digital coin as 'Diem' and shifted its focus to launching a U.S. dollar stablecoin.

The departure of David Marcus, marked another setback for the project, signaling challenges in its execution.

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