diem
San Francisco (AFP) - The Facebook-backed digital currency project Diem announced Monday the winding down and $182-million sale of its technology, capping a years-long initiative that drew significant concern from regulators. Facebook's announcement in 2019 of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials, who expressed a barrage of criticism about the security and reliability of a private network. "The idea of Facebook doing a cryptocurrency was a bridge too far for regulators," said analyst Rob Enderle of Enderle Group. "They have...
AFP
Diem Association, the consortium founded in 2019 to build a payment network linked to the cryptocurrency promoted by Meta Platforms Inc (NASDAQ:FB) has reached an agreement to sell its technological assets to Silvergate Capital Corp (NYSE:SI) for $200 million. Silvergate focuses on bitcoin and blockchain companies. Q4 2021 hedge fund letters, conferences and more Foiled PlansAs reported by The Washington Post, Libra —as it was known initially— sought to create a digital currency backed by a basket of currencies. However, given the pressure from regulators, it ended up being backed solely by th...
ValueWalk
Facebook Inc (NASDAQ:FB)’s cryptocurrency has withdrawn its application for a payment license. The Facebook-backed Diem Association, which oversees the Diem cryptocurrency, is moving its operations to the U.S. Diem’s U.S. subsidiary has entered into a partnership with Silvergate Capital to issue its token. Q1 2021 hedge fund letters, conferences and more Facebook's Diem moves to the U.S.According to CNBC, Diem had been attempting to secure a payment system license with Switzerland's FINMA. However, the firm has decided to stop seeking regulatory approval in the country and instead partnered wi...
ValueWalk
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