Meta-backed cryptocurrency Diem is calling it quits

Diem, a stablecoin pegged to the U.S. dollar, has sold its assets to a crypto-focused bank.

The sale of Diem’s assets marks the end of an effort that, in retrospect, was doomed from the start.

Facebook, which now goes by Meta, created the apps that would have been the main way people used the token, so the project was politicized.

Even though Meta’s reputation ultimately sank it, the design of the Diem was more transparent and regulator-friendly than a lot of existing stablecoins.

Even Jack Dorsey thinks that Meta has promised to not enforce its trove of cryptocurrency patents against other crypto developers — something that Dorsey says is a good idea.

While Meta’s ties to Diem are over, there’s always the chance that Silvergate or another player revives the project in the future.

Here’s what the bank that bought assets from Zuckerberg’s crypto project plans to do with them

“We couldn’t be more excited to, essentially, be taking the reigns and bringing a stablecoin to market hopefully later this year,” Silvergate CEO Alan Lane said.

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Facebook?s crypto project sold after political backlash

The announcement caps a nearly three-year odyssey on the part of Facebook and its partners to launch a digital currency.

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Facebook?s crypto failure is a red flag for its Metaverse plans

Meta has offloaded Diem but can’t expect to buy its way to success

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