What happened to meta & Diem?

Meta's experiment with cryptocurrency, Diem, is shutting down. The Diem Association, which runs the project, announced the sale of assets of the cryptocurrency venture to Slivergate Capital Corporation for $182million. Launched as Libra in 2019, the project quickly ran into opposition from policy-makers.

Is meta selling Diem's cryptocurrencies?

Meta, the company formerly known as Facebook, is one of the founding members of the association. Diem represented Facebook’s most ambitious bet on cryptocurrencies. Earlier this week, Bloomberg that Meta was working on selling Diem’s assets as a way to return some capital to the investors behind the project.

What is Facebook's 'Diem' bet on cryptocurrencies?

Diem represented Facebook’s most ambitious bet on cryptocurrencies. Earlier this week, Bloomberg that Meta was working on selling Diem’s assets as a way to return some capital to the investors behind the project. Originally called Libra, Facebook unveiled the crypto effort .

What is the Diem Association?

The Diem Association is a separate organisation from Facebook, although its funding came from the firm. Facebook intended Diem to be a stablecoin which, as the name implies, is a type of cryptocurrency designed to be less of a financial rollercoaster, its value linked to less volatile assets such as national currencies or commodities.