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Facebook-backed Diem Association may be close to dissolving

3 monthes ago   |   By Engadget

It's looking more and more likely that Diem, Meta's ill-fated cryptocurrency previously known as Libra, will never actually materialize. The Diem Association is reportedly “weighing a sale of its assets as a way to return capital to its investor members,” Bloomberg reports. It's unclear what assets the Diem Association owns, but the report notes the group is talking to bankers about selling its intellectual property and finding "a new home for the engineers that developed the technology.” If a sale were to happen, it would seem to be the final nail in the coffin for Diem, the...
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Facebook's embattled cryptocurrency project is likely coming to an end

Facebook's embattled cryptocurrency project is likely coming to an end

3 monthes ago   |   By The Verge

Illustration by William Joel / The Verge
More than two years after it was first announced, the Facebook-sponsored cryptocurrency formerly known as Libra appears to be coming to an end. The Diem Association set up by Facebook to manage the digital token is exploring a sale of its assets after meeting resistance by regulators who opposed the initiative, according to a new report by Bloomberg .
The U.S. Federal Reserve “dealt the effort a final blow” by putting pressure on Silvergate, the banking partner that Diem said it was partnering with last year to launch the token, Bloomberg reports...
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