Market

Diem Considers Selling Intellectual Property to Returning Investors – Is Facebook’s Stablecoin Dream Over?

Diem — the Meta-backed crypto initiative — is reportedly trying to sell its assets, seemingly putting an end to Facebook founder Mark Zuckerberg’s grand ambitions to create a stablecoin that works like the internet’s currency.

Follow source of information In internal talks with Bloomberg, Diem – formerly known as Libra – is considering selling the asset to return capital to its investors.

According to sources, Diem is in talks with investment bankers to determine the best way to sell his intellectual property. It’s not clear how the company will be valued, and there’s no guarantee they’ll ever find a buyer. About a third of the joint venture is owned by Meta, according to the source. The rest is owned by club members and partners, including Coinbase Global, Uber, and Shopify.

Diem has caused a lot of controversy in his short tenure since debuting on June 18, 2019.

Libra, as it was then called, was to be maintained by a consortium of companies based in Switzerland called the “Libra Association”.

However, news of the project’s launch prompted an immediate outcry from the US government and regulators around the world, citing concerns about privacy and monetary sovereignty. Both Facebook CEO Mark Zuckerberg and former Libra CEO David Marcus testified before the House Financial Services Committee.

At a July 2019 hearing, Ohio Senator Sherrod Brown asked Marcus, “Do you really think people should trust Facebook with their hard-earned money?”

“If America doesn’t act, we could soon see a digital currency controlled by other people with an entirely different value,” Marcus replied.

Banned by legal scrutiny, many partners began abandoning the project altogether, including Marcus himself. At that point, it was renamed Diem in hopes of shaking off the mass regulation panic that overshadowed Libra’s original claim.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

24 seconds ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

49 minutes ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

1 hour ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

1 hour ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

2 hours ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

2 hours ago

This website uses cookies.