A once-ambitious but now faltering Facebook-
backed digital currency project known as Diem
is dead, its assets sold to bank holding company
Silvergate Capital.
Silvergate and the Diem Association announced
the sale on Tuesday. Meta, which owns
Facebook, did not have a comment.
A Faceboook spokesperson, however, pointed
to tweets by Stephane Kasriel, head of Meta’s
cryptocurrency wallet Novi, that said the
decision to sell was not made by Meta, but by
the Diem Association.
“We hope that the Association’s sale of their
assets to @silvergatebank will allow the project’s
vision to live on. Because we still believe in the
shared financial inclusion mission,” Kasriel wrote.