The descent into hell continues for the Meta (Facebook) cryptocurrency project, as the Diem Association seeks to sell what it has left.
A little over two years ago, Facebook caused an earthquake by announcing its intentions to create its own cryptocurrency, the libra. An alternative currency for everyone, decentralized, which would also have access to the millions of people outside the banking system in the world. In the minute, international regulators stepped up to the plate and central banks rose up against this new breakthrough by Gafam in the monetary field.
Even if Facebook had organized its business very well, placing Libra in the hands of a founding association around powerful Web and payment players (eBay, PayPal, Mastercard, Visa, etc.), the pressure was so strong that the project quickly had the lead in the wing. Without major support, it was redesigned – renamed to diem –, gradually disappearing from the radar.
warning signs
So today we learn that the Diem Association is looking to sell its last monetizable assets. According to Bloomberg, the fatal blow was struck by the Federal Reserve of the United States which would have exerted its pressure on the banking partner of the diem, Silvergate.
Another sign of the imminent death of the project: Facebook recently removed the diem from its virtual wallet in favor of a Paxos stablecoin, another type of cryptocurrency. And as it reminds The Verge, libra’s director of strategy, left Facebook last year, as did almost the entire team initially in charge of the project.
Finally, note that it is no longer necessary to indulge in the joys of puns with the term “diem”, Jack Dorsey, the founder of Twitter, having made everyone agree…
carpe diem https://t.co/QTN2JzehUZ
— jack⚡️ (@jack) January 26, 2022