Silvergate Capital has swooped to buy Meta-backed crypto project Diem's technology for $200 million, according to a report in the Wall Street Journal.
Californian bank Silvergate Capital has swooped to buy Meta-backed crypto project Diem's technology assets for $200 million, according to theThe bank had agreed last year to partner with Diem to launch a US stablecoin pegged to the dollar. The offering was meant to be user-friendly, and to revive the project first coined Libra in 2019, when Meta was still called Facebook. The stablecoin never launched, however.
Diem had faced stern opposition from regulators from the outset and was forced to rein in its ambitions. Instead of a stablecoin backed by a basket of global fiat currencies, the vision morphed into individual tokens backed by single national currencies. But the setbacks kept coming. In August last year, The Block reported that Meta’s crypto subsidiary Novi was planning to work with a stablecoin issuerMeta’s crypto lead David Marcus — a co-founder of Diem — resigned from the social media company in November.
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