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How Facebook’s ambitious stablecoin project came to an end -Breaking

by Mike Robinson

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© Reuters.

Meta, previously known as Facebook (NASDAQ :), declared that it had become a subsidiary of Meta on January 31. Pulling from the stablecoin projectDiem (formerly Libra) was the name of the company. Intellectual property and other assets related to the operations of the Diem Payment Network were to be sold to Silvergate Capital (NYSE:) Corporation, essentially meaning the end to Mark Zuckerberg and his corporations’ stablecoin aspirations, at least in their current shape. This also marks the end of a once-groundbreaking initiative that was revealed in 2019 with a promise to bring a global alternative to fiat money to Facebook’s 2-billion-strong user base. This is the story of how the plan evolved from its initial announcement until the moment it was shut down.

Phase I: The whitepaper

Facebook launched its digital currency in a sign of optimism. This news was good for the company, who has been gaining popularity since the end of 2010.associWith the loss of privacy, ethics and disfunctional governance

First reception

Phase 2: The regulatory pushback

Phase 3: The rebranding that didn’t help

Additional pullbacks

Does this mean Diem is dead?

Continue Reading on Coin Telegraph

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