The digital currency of Facebook, Diem (formerly known as Libra), appears to be drawing to a close after more than two years of development. According to a new report from Bloomberg, the Diem Association, established by Facebook to administer the digital currency, is looking at selling its assets after facing opposition from officials.
Facebook’s cryptocurrency Diem might be coming to an end
The Diem Association had tried to establish a relationship with Silvergate Capital Corp. to issue Diem, but the US Federal Reserve ended the effort with its resistance, Bloomberg reports.
Originally, the goal of Libra was to be a cryptocurrency backed by a collection of global currencies, but authorities did not let this happen. Then, a simplified design was produced, tethering a rebranded Diem token to the US dollar. That did not work too, apparently.
As we’ve reported last month Diem, got caught up in regulatory hurdles, forcing the company to seek a way to launch it that was more compliant. Ultimately, the company partnered with stablecoin provider Paxos.
