Facebook’s Diem Crypto Project Terminated, its Assets go on Sale

Facebook’s Diem Crypto Project Terminated, its Assets go on Sale

After a long time of uncertainty, news has surfaced from Bloomberg that Mark Zuckerberg’s crypto project Diem will be put to an end. The Diem was supervised by the Diem Association, it being a company owned by Meta. Initial reports point to regulatory pressure as being the main culprit.

Diem, or Libra as it was once known, has been ridden with regulatory pressure ever since its inception in mid 2019. The backlash was that many of the initial endorsers, like VISA, PayPal, and MasterCard, pulled out of the project.

The plan was very ambitious from the start. Diem would be backed by many fiat currencies and government bonds. Essentially a universal stable coin, Diem would have allowed Facebook users yo buy and sell goods and services on the social media’s platform.

Anonymous Bloomberg sources have revealed that the Diem Association is conversing with investment banks regarding the sale of intellectual property, and other assets that will, some day, be sold off. The association seems to be in the midst of a salvaging predicament, trying to sell of or recycle as much of Diem’s assets as is allowed. Moreover, the report also disclosed that the main software engineers behind the project will be appointed new jobs once the Diem Association finds appropriate positions for them.

Much of the money from the planned sales will be returned to the project investors. At the moment, things are not transparent and there seems to be no buyer in sight. Further ambiguity is added to the whole ordeal once the question of partition of the intellectual property is considered.

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