Mark Zuckerberg’s Meta in Talks to Sell Assets in Crypto Project Diem: Report

Meta, previously Facebook, is reportedly in talks with funding bankers to promote its property within the cryptocurrency challenge Diem, previously Libra. The diem USD stablecoin was presupposed to be issued by Silvergate Bank but it surely didn’t get regulatory approval.

Meta Reportedly Seeking Buyers for Diem Crypto Project

Mark Zuckerberg’s Meta, previously Facebook, is making an attempt to promote its property within the cryptocurrency challenge Diem, previously Libra, Bloomberg reported Tuesday, citing individuals acquainted with the matter.

Meta owns a few third of the enterprise; the remainder is owned by different members of the Diem Association, one of many individuals mentioned.

The Diem Association is contemplating a sale of its property as a approach to return capital to its investor members, the individuals defined. They added that Diem is in discussions with funding bankers about promoting its mental property and discovering a brand new house for the challenge engineers.

The affiliation introduced a partnership with Silvergate Bank in May final yr for the financial institution to change into the unique issuer of the Diem USD stablecoin.

However, the individuals famous that the financial institution’s regulator advised Silvergate it was uneasy with the Diem launch plan and couldn’t guarantee the financial institution that it will enable that exercise.

Facebook first unveiled the Libra crypto challenge in June 2019. Since then, it has confronted relentless scrutiny from regulators worldwide, inflicting some companions to abandon the challenge, together with Visa, Mastercard, and Paypal.

Libra later modified its title to Diem. David Marcus, who headed the corporate’s Diem efforts, resigned on the finish of 2021.

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