{"id":8638,"date":"2022-02-01T19:08:05","date_gmt":"2022-02-01T19:08:05","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/01\/the-end-facebook-backed-digital-currency-diem-sold-to-bank\/"},"modified":"2022-02-01T19:08:05","modified_gmt":"2022-02-01T19:08:05","slug":"the-end-facebook-backed-digital-currency-diem-sold-to-bank","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/02\/01\/the-end-facebook-backed-digital-currency-diem-sold-to-bank\/","title":{"rendered":"The end: Facebook-backed digital currency Diem sold to bank"},"content":{"rendered":"<p> <a href=\"https:\/\/go.fiverr.com\/visit\/?bta=1052423&nci=17043\" Target=\"_Top\"><img loading=\"lazy\" decoding=\"async\" border=\"0\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"https:\/\/fiverr.ck-cdn.com\/tn\/serve\/?cid=40081059\"  width=\"601\" height=\"201\"><\/a>\n<br \/><img decoding=\"async\" src=\"https:\/\/mailinvest.blog\/wp-content\/themes\/breek\/assets\/images\/transparent.gif\" data-lazy=\"true\" data-src=\"http:\/\/rss.feedspot.com\/folder\/4RfKtmQc6Q==\/rss\/null\" \/><\/p>\n<div id=\"\">\n<div class=\"Article__Headline\">\n<p class=\"Article__Headline__Desc\">A once-ambitious but now faltering Facebook-backed digital currency project known as Diem is dead, its assets sold to bank holding company Silvergate Capital<\/p>\n<\/div>\n<div class=\"Article__Header__Meta\">\n<section class=\"Byline flex items-center\">\n<div class=\"Byline__Content\">\n<p><span class=\"Byline__ByCopy\" aria-hidden=\"true\">By<\/span><span aria-hidden=\"true\" class=\"Byline__AuthorRow\"><span class=\"Byline__AuthorContainer\" to=\"\"><span class=\"Byline__Author \"> BARBARA ORTUTAY AP Technology Writer<\/span><\/span><\/span><\/p>\n<div class=\"Byline__TimestampWrapper\">\n<p>February 1, 2022, 6:48 PM<\/p>\n<p><span class=\"Byline__Bullet\" aria-hidden=\"true\">\u2022 <\/span>2 min read<\/p>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"Share flex flex-no-wrap Article__Header__Share\"><button aria-label=\"Share to Facebook\" class=\"Button Button--default Button--icon-noLabel Share__Item Share__Item--facebook\" tabindex=\"0\"><svg focusable=\"false\" aria-hidden=\"true\" class=\"Share__Icon icon__svg\" viewbox=\"0 0 24 24\"><use xlink:href=\"#icon__social__facebook\"\/><\/svg><span class=\"Share__Text\">Share to Facebook<\/span><\/button><button aria-label=\"Share to Twitter\" class=\"Button Button--default Button--icon-noLabel Share__Item Share__Item--twitter\" tabindex=\"0\"><svg focusable=\"false\" aria-hidden=\"true\" class=\"Share__Icon icon__svg\" viewbox=\"0 0 24 24\"><use xlink:href=\"#icon__social__twitter\"\/><\/svg><span class=\"Share__Text\">Share to Twitter<\/span><\/button><button aria-label=\"Email this article\" class=\"Button Button--default Button--icon-noLabel Share__Item Share__Item--email\" tabindex=\"0\"><svg focusable=\"false\" aria-hidden=\"true\" class=\"Share__Icon icon__svg\" viewbox=\"0 0 24 24\"><use xlink:href=\"#icon__email\"\/><\/svg><span class=\"Share__Text\">Email this article<\/span><\/button><\/section>\n<\/div>\n<\/div>\n<div id=\"\">\n<p id=\"_ap_link_Facebook_Facebook_\">A once-ambitious but now faltering <a href=\"https:\/\/abcnews.go.com\/alerts\/Facebook\" id=\"_ap_link_Facebook_Facebook_\" target=\"_blank\" rel=\"noopener\">Facebook<\/a>-backed digital currency project known as Diem is dead, its assets sold to bank holding company Silvergate Capital.<\/p>\n<p>Silvergate and the Diem Association announced the sale on Tuesday. Meta, which owns Facebook, did not immediately respond to a message for comment.<\/p>\n<p>Diem said it \u201cbecame clear from our dialogue with federal regulators that the project could not move ahead. As a result, the best path forward was to sell the Diem Group\u2019s assets\u201d and the project will wind down in the coming weeks.<\/p>\n<p>It&#8217;s been clear for a while that Diem, which was first named Libra, was fighting an uphill battle with regulators. Meta has gradually distanced itself from the project.<\/p>\n<p>Last May, the Diem Association, which at the time included Facebook and 25 other companies         entered a partnership with Silvergate Capital Corp. to issue a \u201cstablecoin\u201d backed by the U.S. dollar. A stablecoin is a digital currency backed by real-world assets such as national currencies or other commodities.<\/p>\n<p>Facebook announced the Libra project in 2019, at the time envisioning it as a stablecoin based on a basket of national currencies that could serve as a global currency for the unbanked around the world.<\/p>\n<p>But the effort was scaled back considerably amid regulatory and commercial backlash. It underwent a name change in December 2020.<\/p>\n<\/div>\n<iframe data-lazy=\"true\" data-src=\"https:\/\/www.fiverr.com\/gig_widgets?id=U2FsdGVkX18x7XQvttUTrv1oEqmGNGTgvvCUiUoJ\/AP4z\/UyMz8lXGOLpu15jIMxBbTR0gmD5uBoFvhC4KWeALQRp3h\/X\/AwcVD0K8Wj9H\/ZzYKzcCNHosB9oS4SCJJFWiN85P9ICAc4OgCoE\/wHKIY7CDkf2\/DQ1vqGvk4smVe5cRDEmrLPCWi4FC8p40VUhSmWQ5udCm0zoJtorgWv3vbDQw0kKYkwn39ozAnQXDe+YvWMxkLFWA+O3TFwkJvdkIK+\/AUSnRssPKt5WHY0FhNOxnSPcLslEL4G4\/RfP95ve99U+kRnDy3X+KtzdQLY+u935ghON\/o3UE4IMv9oN6JX9RnxzL\/LRcOgnHigxStSGPKsZYtnz8RWNVT\/rOLAibqiWJadC5MYHRbekF3eg6FOGrQGkXYbsn0+a5aovnlLCbLwIqY9fcS17UX8J235iQ6cdmHNbrPeS84CMm34RA==&affiliate_id=1052423&strip_google_tagmanager=true\" loading=\"lazy\" data-with-title=\"true\" class=\"fiverr_nga_frame\" frameborder=\"0\" height=\"350\" width=\"100%\" referrerpolicy=\"no-referrer-when-downgrade\" data-mode=\"random_gigs\" onload=\" var frame = this; var script = document.createElement('script'); script.addEventListener('load', function() { window.FW_SDK.register(frame); }); script.setAttribute('src', 'https:\/\/www.fiverr.com\/gig_widgets\/sdk'); document.body.appendChild(script); \" ><\/iframe>\n<br \/><a href=\"https:\/\/abcnews.go.com\/Technology\/wireStory\/end-facebook-backed-digital-currency-diem-sold-bank-82603570\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A once-ambitious but now faltering Facebook-backed digital currency project known as Diem is dead, its assets sold to bank holding company Silvergate Capital By BARBARA&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-8638","post","type-post","status-publish","format-standard","hentry","category-tech-universe"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The end: Facebook-backed digital currency Diem sold to bank - mailinvest.blog<\/title>\n<meta name=\"description\" content=\"Technology is forever changing, and there are always new pieces of technology to replace obsolete ones. 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