Meta Shuts Down the Diem

Meta, formerly known as Facebook, announced the closure and sale of its Diem digital currency project.

Diem CEO Stuart Levy confirmed that Meta is selling intellectual property and other assets related to the Diem project to Silvergate Capital Corporation.

According to Levy, all activities on the project will be completely stopped in the coming weeks.

According to an official statement from Silvergate, the company will acquire Diem’s ​​assets for a total of $182 million.

Specifically, Silvergate Bank, a Silvergate subsidiary and stablecoin partner of Meta, is integrating its Silvergate Exchange Network payment platform with Diem assets. The new combination will help the bank to launch a more advanced global payment system than exists today.

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