Diem may sell its assets
The controversial cryptocurrency project that Mark Zuckerberg once defended before the US Congress is falling apart under the new regulation.
The Diem Association, a cryptocurrency initiative, compliant with Meta Platforms Inc., sees the sale of its assets as an opportunity to return capital to its representative investors.
Fed hints at Diem plans for stablecoin
Diem talks with investment banks on what is the best way to sell his intellectual property and find a new home for the engineers who developed the fund.
In 2019, when Facebook, the creation of the meta, first unveiled the idea of their stable digital currencies – stablecoins associated with the revolution in sophisticated financial services. They did so in tandem with dozens of other companies. However, the consortium was not enough to control project owners from all over the world.
It is not clear how a potential buyer values Diem’s intellectual property or the engineers who helped develop it. Discussions are unfortunate and there is no guarantee that Diem will find a buyer.
Diem’s website reveals that its partners include venture capital firms such as Andreessen Horowitz, Union Square Ventures, Ribbit Capital and Theive Capital, as well as Singaporean public investor Temasek Holdings Pte.
A group of regulators said they fear they could be obsolete if the tech company’s wide user network drastically lowers the action in the current currency and that bundling a stablecoin issuer with a major corporation could lead to increased economic power.