
Facebook’s Diem to sell assets for $200M after botched stablecoin attempt
Diem is reportedly in talks with Silvergate Bank for the sale of the Diem project’s assets as it seeks to refund the early investors such as Coinbase and a16z.
Diem is reportedly in talks with Silvergate Bank for the sale of the Diem project’s assets as it seeks to refund the early investors such as Coinbase and a16z.
Five U.S. lawmakers wrote a letter to Zuckerberg urging him to discontinue the Novi and Diem ventures, stating that Facebook can’t be trusted to manage a digital currency.
Facebook has faced an uphill task bringing regulators onboard with its Diem payment system, even after pouring millions into lobbying and rebranding efforts.
Facebook will be launching the first Libra-issued digital asset in early 2021, it will be a stablecoin backed 1 to 1 with the US dollar
Rebranding Calibra to Novi is Facebook’s latest move in its restructuring of Libra.