Zuckerberg’s wish of inaugurating its Diem crypto project is no more. Mark Zuckerberg pulled back its involvement in the Diem crypto project after the constant struggle of more than two years.
Facebook rebranded now as Meta, announced officially that they are shutting its digital currency project Diem Association. After years of endeavor to inaugurate it.
To whom Mark Zuckerberg will hand over its Diem Stable Coin Crypto Project now?
According to the announcement that has been revealed on Monday, By Diem CEO, Stuart Levey. Meta has finalized that the intellectual property and other assets of the Diem crypto project will be sold out to Silvergate Corporation.
Further, Levey stated that the Diem association and its subsidiaries will begin to wrap up its function over the upcoming weeks. However, the Diem association yet believes that its ideal will carry on to prosper. No matter if Meta officially ended its name in the project.
Words By CEO, Stuart Levey:
“We remain confident in the potential for a stable coin operating on a blockchain designed. Like Diem’s to deliver the benefits that motivated the Diem Association from the beginning. With today’s sale, Silvergate will be well-placed to take this vision forward.”
Further, Levey told that,
“In the United States, a senior regulator informed us that Diem was the best-designed Stablecoin project the U.S. government had seen.”
Proclamations By CEO Of Silvergate In Regard To Diem Crypto Project:
In official announcement, the Silvergate company told that the company will acquire the Diem crypto project assets for an aggregate worth of $182 Million. As part of amalgamating the obtained assets into Silvergates’s existing tech, Silvergate expects to incur an estimated $30 Million more costs in 2022.
What’s the Aim Behind the Integration Of the Diem Crypto Project With Silvergate Technology?
Particularly, the subsidiary of Silvergate company and Meta’s Diem Crypto project’s partner, the Silvergate bank will integrate its payment platform, the Silver Exchange Network, with the Diem project’s assets.
The Company dubbed that this new fusion of Silvergate bank will back it in bringing in the next level worldwide payment system with high speed, convenience to use, and more cost-effective than existing solutions.
Words By CEO Of Silvergate:
As per By Silvergate’s CEO, Alan Lane,
“We identified a need for a U.S. dollar-backed stable coin. That is regulated and highly scalable to further enable them to move money without barriers. It remains our intention to satisfy that need by launching a stable coin in 2022.”
Why Diem Crypto Project Is No More?
Exactly two years prior in 2019 the Meta (Previously facebook) revealed its digital currency project Diem, initially named “Libra”. Along with a foundation of top worldwide firms such as Mastercard, pay pal visa, eBay, and many more.
Additionally, the Diem crypto project has faced great global regulatory backlash, With financial authorities showing too many concerns over the tech giants potentially possessing too much financial power.
Despite high regulatory tension, the Meta endeavor to introduce some of its services in America. With WhatsApp messenger trial payments with Meta’s Novi Wallet at the end of 2021.
Meanwhile, the Diem crypto project is busy winding up its operations. Some of its initial members are stepping further with their crypto coins intentions. Like in January PayPal officially assured that they are looking forward to introducing PayPal coin.
The News source is Cointelegraph.
Image Source: gonewsindia.com
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