The Diem Association – a cryptocurrency initiative backed by Meta – is reportedly considering the sale of its assets to return capital to its investors. The project is also in discussions with investment bankers about how best to sell its intellectual property and help the developers find new places to work.
Diem Might Sell Its Assets
During its relatively short time of existence, Diem has sparked some controversy. Established in 2019 under the name Libra, it aimed at revolutionizing global monetary services by launching a stablecoin pegged to the American dollar. The project’s backer is Meta Platforms (formerly known as Facebook).
The initiative was a rather complicated one, and to have a better chance of success, Meta partnered with dozens of other companies. The alliance, though, was not strong enough to protect the project from regulatory scrutiny.
While some of the partners abandoned the collaboration, Mark Zuckerberg (Co-Founder and CEO of Meta) defended the idea behind Lib
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