Facebook has announced that it has officially abandoned the project to create its own cryptocurrency, which was introduced in 2019 as Libra and which had more recently changed its name to Diem. In a statement published by the Diem Association, the association that was supposed to manage the cryptocurrency on behalf of Facebook, it is said that all the technology behind the digital currency has been sold to the US bank Silvergate. The value of the sale has not been disclosed, but according to several American newspapers it should be around 200 million dollars.
The sale of Diem took place after Meta, the company that controls Facebook, had found the de facto bankruptcy of the project in recent months. Diem would have allowed digital transactions to be carried out on Facebook and beyond, but the project had never received approval from U.S. regulators, both due to concerns that the new currency could be exploited for money laundering and other assets. illegal, both for the fear that it could harm free online competition, given the size of Facebook.
– Read also: The failure of Facebook's cryptocurrency
