Facebook abandons its Diem digital currency project

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Facebook abandons its Diem digital currency projectFacebook-led cryptocurrency project Diem is dismantling itself due to excessive regulatory pressure and is looking for buyers for its assets. Bloomberg.

Deem, one third of which is owned by the social networking site Facebook, has many Members and investors Including venture capital, technology companies, and even government funds. Some of its main members are Andreessen Horowitz, Ribbit Capital, Coinbase, Lyft and many more.

Citing anonymous sources, the report clarified that the project is already under discussion with investment bankers to find a way to sell its intellectual property and transfer engineers to a new project. However, the talks are still in their early stages.

In addition, it is unclear how potential buyers will evaluate the intellectual property of the crypto project. Some sources even stressed that there is no guarantee that the association will successfully find a buyer.

Release Facebook And its partners, the ambitious crypto project Libra, started in mid-2019 and were planning to launch it within a year. However, it has faced harsh regulatory scrutiny around the world as authorities were concerned about the impact of the currency especially on a massive platform like Facebook.

Even Facebook CEO Mark Zuckerberg was forced to testify and defend the project before the United States Congress. Then the association rebranded the project to Diem.

Furthermore, the association planned to launch a stablecoin pegged to the US dollar with Silvergate Bank as its partner. However, these efforts were canceled because banking regulators were not comfortable allowing the lender to participate in such a venture.

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