Diem, a meta-backed crypto initiative, is reportedly trying to sell its assets. With this, Facebook founder Mark Zuckerberg’s ambitions for seeing Stablecoin as an internet currency will also end. Diem, formerly known as Libra, is the Meta cryptocurrency platform initiative. Insider sources told Bloomberg that they are considering selling their assets to return capital to investors. According to sources, Meta is discussing with an investment banker to determine the best way to sell Diem intellectual property and monetize the value held by the project. It is unclear how the companies will be valued and there is no guarantee that they will find a buyer.
According to sources, about one-third of the company is owned by Meta. The rest is owned by members of associations and partners such as Coinbase Global, Uber, and Shopify. Since its launch on June 18, 2019, the Diem has caused a lot of controversy in its short presence. Libra, known at the time, was supposed to be maintained by a consortium of companies called the “Libra Association” based in Switzerland.
However, the news of the project’s launch has sparked immediate opposition from the US government and regulators around the world. It raised concerns about privacy and financial sovereignty. Both Facebook CEO Mark Zuckerberg and former Libra CEO David Marcus testified before the House Financial Services Committee.
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