Meta-backed crypto initiative “Diem” is reportedly trying to sell its assets, seemingly calling time on Facebook's grand ambitions for a stablecoin to act as the internet’s currency.
to insider sources speaking with Bloomberg, it is considering selling assets to return capital to its investors.
The sources said that Diem is in discussions with investment bankers to determine the best way to sell its intellectual property and cash out on whatever value the project has maintained. It’s unclear how the company will be valued, and there is no guarantee that they will be able to find a buyer. According to the source, about a third of the venture is owned by Meta. The remainder is owned by members of the association and partners, which include Coinbase Global, Uber and Shopify.. Libra, as it was known at the time, intended to be maintained by a Switzerland-based consortium of companies called the “Libra Association.
“If our country fails to act, we could soon see a digital currency controlled by others whose values differ radically from ours,” Marcus responded. Deterred by regulatory scrutiny, many partners began to abandon the project altogether, as did Marcus, himself, eventually. At this point, it