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Friday, November 8, 2024

Fortune : Plan To Sell Mark Zuckerberg’s Cryptocurrency Project Diem

The diem crypto project is considering the possibility of returning assets to investors, sources say

Cryptocurrency project Diem (formerly Libra), backed by Meta (formerly Facebook), is exploring the possibility of selling its own assets as a way to return investments to investors, Fortune reports.

According to them, the project diem has already started discussing ways to sell the project with investment banks. Meta also plans to distribute employees involved in the development of Diem to other projects of the company.

One source said that Meta owns a third of Diem, with the rest held by various tech companies and venture capitalists. The Diem website states that the partners of the project are Andreessen Horowitz, Union Square Ventures, Ribbit Capital, Thrive Capital and Temasek Holdings Pte.

Facebook changed its mind about issuing its own cryptocurrency? What will happen to Diem

Meta planned to release its own stablecoin in the first half of 2020, but abandoned these plans due to warnings from regulators. In the same year, Meta rebranded the project, changing the name of the stablecoin from Libra to Diem. The company explained that this was due to the negative that the early version received.

In 2021, Diem founder David Markus left Meta and the project entered into a partnership with Silvergate Capital Corp. to issue their own stablecoin.

According to Fortune sources, the US Federal Reserve told Silvergate Bank, which was supposed to be the issuer of Diem USD, that they were concerned about the issuance of a stablecoin and could not approve it. Due to pressure from the regulator, Silvergate Bank refused to issue a stablecoin, sources say.

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