Diem confirms sale of stablecoin technology
Facebook-backed project sold its last remaining assets to Silvergate Capital
The Diem Association has announced the sale of its intellectual property and “other assets” to Silvergate Capital, marking the end of the Facebook-backed project’s ambition to “reinvent money”.
In a statement on January 31, Diem chief executive Stuart Levey said it “became clear from our dialogue with [US] federal regulators that the project could not move ahead”. Diem originally sought regulatory approval in Switzerland but moved to the US to focus on a dollar-backed stablecoin in 2021.
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