Facebook’s parent company, Meta, appears to be giving up on creating its own cryptocurrency.
More than two years ago the tech giant announced it was getting behind a new cryptocurrency initially called Libra.
Critics and regulators poured in, the name changed to Diem and Facebook took a pretty public step back.
Now it seems like the project is being canned, according to a report in Bloomberg.
It says the Diem Association, set up with Meta’s backing to manage the coin, is ‘weighing a sale of its assets as a way to return capital to its investor members.’
Bloomberg cites ‘people familiar with the matter’ and says the plan is to try and sell the intellectual property around the digital coin and find new homes for the software engineers that worked on it.
In the years since Libra was first announced, it lost key backers and faced opposition from regulators, leading to Facebook watering down its proposals – meanwhile, the inspiration for it, Bitcoin, has rocketed in price.
Spokespeople for the Diem Association have remained tight-lipped on the news, but one did tell tech blog The Verge that Bloomberg’s story contained some ‘factual errors’.
Meanwhile, Jack Dorsey, the ex-CEO of Twitter and a Bitcoin enthusiast reacted to the news on Twitter.
carpe diem https://t.co/QTN2JzehUZ
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