The Meta (Facebook) digital currency project will not see the light of day. The association which carried the initiative announced its dismantling and the sale of its assets to the bank Silvergate Capital for 182 million dollars.
It was only a matter of time before it was dropped, it’s now official. Diem, the digital currency project of Meta (Facebook), will not see the light of day. The eponymous association which carried the initiative announced its dismantling, as well as the sale of intellectual property rights and other assets to the bank Silvergate Capital for 182 million dollars.
The diem will not have managed to make forget the libra, name of the initial project, which had created a real earthquake in the world banking sphere a little more than two years ago. This decentralized virtual currency was to be launched in mid-2020, but it immediately sparked an international uproar against it. International regulators and central banks took a very dim view of this new breakthrough by a technological giant in the monetary field and immediately stepped up to nip the project in the bud.
Although Facebook placed this initiative in the hands of a founding association around powerful Web and payment players (eBay, Stripe, Uber, Spotify, Iliad, etc.), that was not enough. After the defection of several partners, such as PayPal, Visa and Mastercard, ambitions were quickly scaled back. Without major support, the project was redesigned, before slowly sinking. The veto of the American authorities and the departure of David Marcus, who piloted the project, seem to have dealt the final blow to Facebook’s inclinations in cryptocurrencies.