The cryptocurrency project, Diem Association introduced by Meta (formerly: Facebook) in a plan wants to sell its assets to return capital to its investors.
At the same time, the organization is in discussions with investment institutions to find out the best way to sell intellectual property and help their developers find new jobs.
Tracing this history - Diem was initially launched under the name Libra in 2019 as a stablecoin asset backed by the US dollar.
Although Meta has forged a partnership with the dumping company, it is not yet strong enough for the Libra project to receive confirmation from legal supervisors.
Meta CEO Mark Zuckerberg himself defended the project during a congressional hearing some time ago. However, supervisors find it difficult to accept the presence of Libra.
Following that, they switched to the name Diem.
But, a new issue arose where bank supervisors refused Silvergate Bank to agree to be the exclusive producer of Diem after being disbanded by the Diem Association in May 2021.
World giant entities such as Visa, Mastercard, and PayPal have also washed their hands of the Diem project, including project board member David Marcus who left the Diem Association after the launch of Novi wallet testing.
Does this mean the end of the Diem project?
Not sure why they took this decision but perhaps the parties involved are also tired of the pressure received by legal supervisors.
