Australian News

Australian news and media publication

Meta Platforms Inc’s digital currency firm Diem Association is closing down and selling its technology to California-based Silvergate Capital Corp for about $200 million, the Wall Street Journal reported Wednesday, citing a person familiar with the matter. with the matter.

Meta, formerly Facebook Inc, first revealed plans for Diem, formerly known as Libra, in June 2019, as part of an effort to expand beyond social media into global e-commerce and payments.

The project immediately ran into fierce opposition from lawmakers globally, who worried it could erode their control over the monetary system, enable crime and damage user privacy.

Seeking regulatory approvals, Facebook renamed its digital currency ‘Diem’ and scaled back its global ambition to focus on the United States by announcing the launch of a US dollar stablecoin, which are cryptocurrencies pegged to a traditional currency. .

A very recent blow came when Facebook fintech executive David Marcus, who was overseeing its efforts to develop Diem, left the company to start work on something new. Meta and Silvergate did not immediately respond to a Reuters request for comment outside business hours.


Fountain ","author":{"@type":"Person","name":"notimundo","url":"","sameAs":[""]},"articleSection":["Tecnologu00eda"],"image":{"@type":"ImageObject","url":"","width":1200,"height":667},"publisher":{"@type":"Organization","name":"","url":"","logo":{"@type":"ImageObject","url":""},"sameAs":["",""]}}

Leave a Reply

Your email address will not be published.