The Diem Association, an organization led by Meta Platforms, is looking to launch new, user-friendly coins. It plans to sell its technology to Silvergate Capital for $200 million, The Wall Street Journal reported, citing unnamed sources.
bank in california which serves blockchain companies It agreed last year to partner with Diem to launch a stablecoin pegged to the US dollar. The project started under the name Libra in 2019 when the company was still called Facebook.
Diem is in discussions with investment bankers to sell intellectual property. to return the money to investors, as Bloomberg reported on Tuesday, citing anonymous sources.
Diem, formerly Libra, is a stablecoin project backed by a global basket of fiat currencies. After its launch, it promptly spurred international regulatory agencies to take a closer look. In which US lawmakers are demanding that all developments of the project be stopped. Until it can provide regulatory advice and ensure it does not threaten financial stability.
In December 2020, the Libra Association was renamed Diem to try a different approach. but still faced obstacles including the resignation of key executives
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