WSJ: Facebook’s Cryptocurrency Venture to Wind Down, Sell Assets

Facebook (which is now known as Meta Platforms) launched its cryptocurrency project in 2019 – called Libra.

Wall Street Journal:

  • The Diem Association, the consortium Facebook founded in 2019 to build a futuristic payments network, is winding down and selling its technology to a small California bank that serves bitcoin and blockchain companies for about $200 million, a person familiar with the matter said.
  • The bank, Silvergate Capital Corp. had earlier reached a deal with Diem to issue some of the stablecoins—which are backed by hard dollars and designed to be less volatile than bitcoin and other digital currencies—that were at the heart of the effort.
  • Libra (was) … a way for the social network’s billions of users to spend money as easily as sending a text message

Link to the Journal here (may be gated) .

BTC update:

btc chart  27 January 2022


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