Internal Issues And Regulatory Pressure Kill Off Meta’s Crypto Project “Diem”

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Diem Association, the consortium founded in 2019 to build a payment network linked to the cryptocurrency promoted by Meta Platforms Inc (NASDAQ:FB) has reached an agreement to sell its technological assets to Silvergate Capital Corp (NYSE:SI) for $200 million. Silvergate focuses on bitcoin and blockchain companies. Q4 2021 hedge fund letters, conferences and more Foiled PlansAs reported by The Washington Post, Libra —as it was known initially— sought to create a digital currency backed by a basket of currencies. However, given the pressure from regulators, it ended up being backed solely by th…

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