No more Meta stablecoins. Meta, formerly branded as Facebook, has officially announced the closure of its digital currency project Diem after years of significant efforts to move forward with the initiative. (Reporting via coindanslecoin)
related to the Diem stablecoin project to its Silvergate Capital Corporation.
The Diem Association and its subsidiaries will start winding down operations “over the coming weeks,” Levey said. The association, however, is still confident that Diem’s ideals will continue to thrive even after Meta officially terminated its involvement in the project, the CEO noted: “We remain confident in the potential for a stablecoin operating on a blockchain designed like Diem’s to deliver the benefits that motivated the Diem Association from the beginning. With today's sale, Silvergate will be well-placed to take this vision forward.”assets of Diem for the aggregate value of $182 million.
“We identified a need for a U.S. dollar-backed stablecoin that is regulated and highly scalable to further enable them to move money without barriers. It remains our intention to satisfy that need by launching a stablecoin in 2022,” Silvergate CEO Alan Lane said.
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