The Diem Association, the Meta Platforms-led enterprise that was looking to issue a new, user friendly stablecoin, is selling its technology to Silvergate Capital for $200 million JPRubin23 reports
The Diem Association, the Meta Platforms-led enterprise that was looking to issue a new, user friendly stablecoin, is selling its technology to Silvergate Capital for $200 million, The Wall Street Journal reported, citing an unnamed source.
Diem was in discussions with investment bankers to sell its intellectual property to return money to investors, Bloomberg reported on Tuesday, citing unnamed sources. In December 2020, the Libra Association rebranded as Diem to try a different approach, but the initiative continued facing headwinds, including the departure of key executives.
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