Zuckerberg's Diem reportedly selling assets after stablecoin plans lose momentum

Meta is planning to jump ship, sources said that the crypto initiative is trying to sell assets.

Zuckerberg's Diem reportedly selling assets after stablecoin plans lose momentum

The meta-backed crypto initiative "Diem" is reportedly trying to sell its assets, Facebook founder Mark Zuckerberg's grand ambition for a Stablecoin to act as the internet's currency.

Diem which was previously known as Libra is the Meta platform's cryptocurrency initiative. According to insider sources speaking with Bloomberg. it is considering selling assets to return capital to its investors. 

In the discussions Diem with investment bankers to determine the best way to sell its property and cash out on whatever value the project has maintained.

The company will be valued. and there is no guarantee that they will be able to find a buyer. The remainder is owned by members of the association and partners, which include Coinbase Global, Uber, and Shopify

Diem has sparked no shortage of controversies in its short time of existence since launching on June 18, 2019. intended to be maintained by a Switzerland-based consortium of companies called the "Libra Association."

The U.S government and regulators around the world news of the project's launch triggered immediate pushback. who cited concerns regarding privacy and monetary sovereignty, Both cited concerns regarding privacy and monetary sovereignty. Facebook CEO Mark Zuckerberg and former Libra head David Marcus tested before the House Financial Services Committee.

In July 2019, Senator Sherrod Brown of Ohio asked Marcus, "do you think people should trust Facebook with their hard-earned money."

Marcus said that "if our country fails to act," we could soon see a digital currency controlled by others whose values differ from ours. 

Many partners began to abandon the project altogether, including Marcus himself. it was at this point it rebranded to Diem, shaking off the mass regulatory panic that drowned out Libra's initial announcement. 

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