Vale Diem: How Facebook’s ambitious stablecoin project came to an end By Cointelegraph

Vale Diem: How Facebook’s ambitious stablecoin project came to an end

Cryptocurrency Feb 02, 2022 01:00PM ET

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Vale Diem: How Facebook’s ambitious stablecoin project came to an end

On Jan. 31, Meta, formerly known as Facebook (NASDAQ:FB), announced that it was pulling from its stablecoin project, Diem, formerly known as Libra. Intellectual property and other assets related to the operations of the Diem Payment Network were to be sold to Silvergate Capital (NYSE:SI) Corporation, essentially meaning the end to Mark Zuckerberg and his corporations’ stablecoin aspirations, at least in their current shape. This also marks the end of a once-groundbreaking initiative that was revealed in 2019 with a promise to bring a global alternative to fiat money to Facebook’s 2-billion-strong user base. Here is how this plan went from the initial announcement to the shutdown.

Phase 1: The white paper

The news of Facebook launching its own digital currency came as a boost of optimism for the social media giant, whose brand in the late 2010s came to be associated with the lack of privacy and ethics, as well as disfunctional governance.

Initial reception

Phase 2: Regulatory pushback

Phase 3: The rebranding that didn’t help

Further pullbacks

Is this the end for Diem?

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