Payments

Facebook ends cryptocurrency project

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January 31, 2022

Facebook has officially ended its cryptocurrency project. The Diem Project, the Facebook consortium, is selling its technology to Californian bank Silvergate Capital for about $200 million, according to a report by The Wall Street Journal.

Facebook initially launched its project named Libra in 2019 and gained the support of major companies such as Paypal and Visa. But, when faced with resistance from Washington, these companies all backed out of the project.

In 2020, Facebook renamed the project to Diem and made a deal with Silvergate to issue the cryptocurrency as stablecoins. Now, Silvergate will have complete ownership of the technology, according to the report.