Diem, the ambitious crypto project funded by Facebook has collapsed. The Diem Association that it’s selling its assets to Silvergate, the bank that had previously partnered with the group, and that it would “begin the process of winding down.” Bloomberg had talks of a sale last week. A Diem Association spokesperson alleged at the time that the report had unspecified “factual errors.”
Now that the sale is official, it marks the end of a more than two year effort to launch the stablecoin championed by Mark Zuckerberg. Though the Diem Association was a separate organization from Facebook and parent company Meta, much of its funding came from Facebook. “I believe that this is something that needs to get built, but I get that I’m not the ideal messenger for this right now,” Zuckerberg told Congress in a about his cryptocurrency ambitions.
The group previously known as the…
