The once-promising cryptocurrency project Diem (Libra) ended up sold to Silvergate Capital less than three years later.
Despite the criticism, Zuckerberg continued to support the idea. He even defended it at a Congressional hearing but saw little-to-no success, and the project remained a thorn in watchdogs’ side. To distance it from the original concept, the teamBack then, Stuart Levey – CEO of the Geneva-based Diem Association – confirmed that the change comes as a direct consequence of the regulatory hurdles.
What many considered as inevitable at this point happened in January 2022 when Meta’s crypto projectthat it was considering the sale of its assets to return capital to its investors. Diem also got into discussions with investment bankers about how best to sell its intellectual property and help developers find new places to work.
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