Stuart Levey, CEO of Diem, has confirmed that Meta has sold intellectual property and other assets related to Diem’s stablecoin project to Silvergate Capital Corporation. He added that the Diem Association and its affiliates will be closed “within a few weeks.” However, he stated that Diem’s ideals will continue to flourish. Even after Meta’s involvement in the project has officially ended.
According to the official announcement of Silvergate, the company will acquire a total of USD 182 million in Libra assets. “As part of integrating the acquired assets into Silvergate’s existing technology, Silvergate expects an incremental cost of approximately USD 30 million in 2022,” the company said.
In 2019, Meta officially announced a digital currency project named Libra. However the project faces significant backlash from regulators around the world and in the end the company has to shut it down.
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