Meta-led stablecoin project Diem, formerly known as Facebook, is reportedly trying to sell the asset. and return capital to investors, according to Bloomberg.
Members of the project include some of the world’s largest tech companies and investors, including Uber, a16z, Temasek, Spotify, Coinbase and Ribbit Capital, with sources saying Diem is in discussions with the investment bank to determine the best way to sell its cryptocurrency assets. wit Discussions are ongoing and there are no guarantees that Diem will find a buyer. And the co-founders agreed that they would find a way to sell Diem and get the money back to investors as soon as possible.
The source stated that About a third of this joint venture is owned by Meta, while the rest is owned by members of the association and its partners.
Will this be the end of a project kicked off in 2019 with bold plans to create a new type of stablecoin destined for use within the Meta family of apps and beyond?
which after the launch of the project This was followed by immediate retaliation from the US government and regulators around the world. Citing concerns about privacy and financial sovereignty, both Facebook CEO Mark Zuckerberg and former Libra chief David Marcus testified before the House of Representatives Financial Services Committee.
and when hampered by regulatory scrutiny As a result, many partners began to abandon the project altogether, eventually including David Marcus. The project then changed its brand name to Diem, hoping to shake off the regulatory image. That hampered Libra’s initial launch, but ultimately it looked like the project might be coming to a dead end or not.
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