Assets of the cryptocurrency project, launched two-and-a-half years ago as Libra, are sold.
The Diem Association, which runs the project, announced the sale of assets of the cryptocurrency venture toThe association said it became clear from "dialogue with federal regulators" that the project could not move ahead.
"As a result, the best path forward was to sell the Diem Group's assets, as we have done today to Silvergate," Diem chief executiveThe Diem Association is a separate organisation from Facebook, although its funding came from the firm. Facebook intended Diem to be a stablecoin which, as the name implies, is a type of cryptocurrency designed to be less of a financial rollercoaster, its value linked to less volatile assets such as national currencies or commodities.
In a research paper, Prof Buckley and colleagues argued the currency was "the ultimate example of something that is highly likely to move from 'too small to care' to 'too big to fail' in a very short period of time".Facebook's former crypto head and Diem co-creator David Marcus said on Twitter the idea might fare better with a more "acceptable" promoter.
Here's to yet another chapter with a maybe more "acceptable" promoter driving the vision forward. There will be ample time in the future for me to properly reflect on the behavior of certain politicians and regulators along the way, but for now... onward!
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