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Facebook’s crypto project halts, after regulatory setbacks

When Facebook launched Diem (ex-Libra) back in 2019, it pitched the idea for a global digital currency its expectations were high to create a global stable coin currency via social apps

Today, according to Bloomberg, Zuckerberg has agreed to sell its assets to Silvergate Capital Corp. for $200 million

The ambitious project to create global, stable digital currencies, which Facebook ( Meta) launched in 2019, had unraveled after constant regulatory scrutiny, leading to a search for a buyer, Bloomberg cites a source familiar with the matter.

The whole project came to a subdued end this week with news that the project will sell off its remaining assets for $200 million to the bank Silvergate Capital.

Project’s grand ambitions for a global digital currency were consistently scaled back, as it faced more and more push back from the regulators.

Until the U.S. Federal Reserve warned that a Diem stable coin may never be approved, and that was the last ‘nail in a coffin’ of the Diem dream.



source: Bloomberg
Photo credit;Meta