Meta plans to put an end once and for all to a very important project for the company, but one that has never really taken off. According Bloomberg, formerly known as Facebook is considering selling Diem’s assets, his stablecoin, “as a way to return the capital to its investment partners”. This is a strategy that aims to put an end to a plan that for years has had many legislative problems.
Bloomberg cites anonymous sources close to the company, who assure that Meta (Facebook) is in talks with investment bankers to trying to figure out the best way to sell the intellectual division of Diem. This sale, in addition to returning the capital to its partners, will allow Mark Zuckerberg’s company to relocate those engineers who have been working on the project until now.
The company, let us remember, announced in 2019 the intention to launch a stable virtual currency called Libra. It was a project that caught the attention of several multinationals related to online banking. Among them, PayPal or MasterCard, but months later it was losing steam. Libra, in fact, was supposed to debut in January 2021 as a stable virtual currency that was intended to match the value of the dollar, but concerns related to the privacy of administrations and governments caused the withdrawal of important partners.
From pound to Diem, a name change that has been of little use
Despite the many problems related to Libra, Mark Zuckerberg’s company decided to go ahead with its Libra project. stablecoin. This time, renaming the name to Diem; a small facelift that, unfortunately for Zuckerberg, does not seem to have worked. Diem, like Libra, was about to go on the market thanks to the association of Silvergate Bank, a company in charge of issuing the stable currency Diem USD. However, doubts on the part of the regulators meant that the currency, like Libra, did not debut either.
In the meantime, and awaiting further details on the possible sale of Asociación Diem (name of the project), Meta maintains its intention to adapt its platforms to new payment systems. A clear example is the new WhatsApp function available in the United States, which allows payments to be made using ‘Pax Dollars’.