It is increasingly likely that Meta’s project to create its own cryptocurrency Diem (formerly known as Libra) will never materialize. Bloomberg reported that Diem is “considering selling its assets as a way to return capital to its investing members.”
It’s unclear what assets Diem has, but the report says the group is in talks with bankers to sell its intellectual property and find a “new home” for the engineers who developed the technology.
Carpe Diem https://t.co/QTN2JzehUZ
– Jack (@jack) January 26 2022
Meta’s plans to launch a stablecoin have been stalled for years due to opposition from regulators and concerns from lawmakers. After Libra’s first launch in 2019, several major partners withdrew from the project.
The launch of the Novi Crypto Wallet (formerly known as Calibra) was last fall without DEM support. Pax Dollar was used instead, and this was a clear sign that Diem’s future was already very much in question.