The Facebook-led Diem cryptocurrency project is preparing to sell its assets, as the social media giant admits defeat in its once-sprawling digital payments ambitions.
The Diem Association, which was launched by Facebook in 2019 and is supported by 25 businesses and non-profit groups, is planning to wind down, according to several people familiar with the discussions.
One person said the buyer of its technology was California-based Silvergate Bank, for $200m. That deal was first reported by the Wall Street Journal. Diem and Silvergate declined to comment. Facebook, which recently renamed its parent company Meta, did not respond to a request for comment.
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