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Facebook is Selling Off Its Diem Cryptocurrency Project

The Diem Association, a group of companies working on a block-chain based payment system, is reportedly selling its technology assets to Silvergate Capital for $200 million, states the Wall Street Journal.

Meta, formally known as Facebook, is one of the founding members of the Diem Association.

Bloomberg also reported that Meta was working on selling Diem’s assets as a way to return some capital to the investors behind the project.

Earlier, Facebook planned to introduce Libra in 2019. Since then, Facebook and Diem have scaled their efforts, numerous times. Libra was initially meant to be a digital token backed by numerous international fiat currencies.

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