Facebook’s ambitious effort to bring cryptocurrency to the masses has failed.
Inc. and Stripe Inc.—in part to signal buy-in from the finance industry and in part to distance the project from Facebook itself, which was under pressure about policing its platform.
Partners agreed to join the Libra Association, a Switzerland-based group that would govern the stablecoin, and pony up millions of dollars each to develop the project.But it almost immediately ran into resistance in Washington. Officials voiced concerns about its effect on financial stability and data privacy and worried Libra could be misused by money launderers and terrorist financiers. Federal Reserve Chairman Jerome Powell said the central bank had serious concerns.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WSJ News Exclusive | Facebook’s Cryptocurrency Venture to Wind Down, Sell AssetsDiem Association, Facebook’s crypto venture formerly known as Libra, is selling its technology to Silvergate Capital for $200 million
Read more »
Mark Zuckerberg's Meta in Talks to Sell Assets in Crypto Project Diem: Report – Regulation Bitcoin NewsMeta, formerly Facebook, is reportedly in talks with investment bankers to sell its assets in the crypto project Diem, formerly Libra.
Read more »
Colizeum Raises $8.4 Million From Deribit, SevenX Ventures, Axia8 and Genblock Capital | HackerNoonColizeum, a software development kit startup that provides SDK for mobile game developers and the Play-2-Earn economy, raised $8.4 million.
Read more »
Meta’s Cryptocurrency Project Diem Could Go for Sale (Report)The Diem Association (formerly known as Libra) is reportedly exploring ways to sell its assets.
Read more »
A ‘Medicaid Annuity' May Be a Useful Option When Your Spouse Needs Nursing Home CareWhile some couples “spend down” their assets to qualify for Medicaid, another option may be an annuity that converts assets into income.
Read more »
Grayscale Considering 25 More Crypto Assets for Investment Products – Altcoins Bitcoin NewsGrayscale has added 25 crypto assets to its list of assets under consideration for investment products. cryptocurrency
Read more »