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Mark Zuckerberg’s Stablecoin Project Diem Officially Shuts Down

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Mark Zuckerberg’s Stablecoin Project Diem Officially Shuts Down
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After years of considerable efforts to move forward with the program, Meta, formerly known as Facebook, has officially declared the closure of its digital currency project Diem.

Meta is selling intellectual property and other assets related to the Diem stablecoin project to its Silvergate Capital Corporation, according to Diem CEO Stuart Levey, who made the announcement on Monday.

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According to Levey, the Diem Association and its subsidiaries would begin shutting down operations “in the coming weeks.” Even when Meta formally ended its engagement in the project, the association is sure that Diem’s ideas would thrive, according to the CEO:

“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.”

According to Silvergate’s official release, the business would purchase Diem’s assets for a total of $182 million. “Silvergate expects to incur about $30 million in additional costs in 2022 as a result of integrating the acquired assets into Silvergate’s existing technology,” the company stated.

Silvergate Bank, a Silvergate subsidiary and Meta’s stablecoin partner will integrate Diem’s assets into its payment network, the Silvergate Exchange Network. According to the release, the new partnership will enable the bank to establish a “next-generation global payment system that is faster, easier to use, and more cost-effective than existing options.”

From Libra to Diem to Silvergate

Meta first announced its digital currency initiative, dubbed Libra, in 2019, with a foundation of prominent worldwide firms such as Mastercard, PayPal, Visa, eBay, and others. The proposal was met with widespread regulatory opposition around the world, with financial regulators voicing grave fears about tech firms gaining too much financial power.

Despite significant regulatory pressure, Meta sought to launch some of its services in the United States, with Meta’s Novi wallet being tested by WhatsApp Messenger in December 2021.

While the Diem Association is wrapping its stablecoin, some of its original members are moving forward with their own stablecoin plans. In January, ​​PayPal officially confirmed that it was “exploring a stablecoin” that could be called PayPal Coin.

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