A 3D printed Facebook's new rebrand logo Meta is placed on laptop keyboard in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
Meta Platforms Inc’s digital currency venture (FB.O) Diem Association is winding down and selling its technology to California-based Silvergate Capital Corp (SI.N) for about $200 million, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter.
Meta, formerly Facebook Inc, first unveiled plans for Diem, known as Libra earlier, in June 2019, as part of an effort to expand beyond social networking into e-commerce and global payments.
The project immediately ran into fierce opposition from policymakers globally, who worried it could erode their control over the money system, enable crime, and harm users’ privacy.
In the quest for regulatory approvals, Facebook then renamed its digital coin to ‘Diem’ and scaled down its global ambition to focus on the United States by announcing the launch of a U.S. dollar stablecoin, which are cryptocurrencies pegged to a traditional currency. read more
A much recent blow came when Facebook’s financial technology executive David Marcus, who was overseeing its efforts to develop Diem, left the company to start working on something new. read more
Meta and Silvergate did not immediately respond to a Reuters’ request for comment outside business hours. Reporting by Rachna Dhanrajani and Shivam Patel in Bengaluru; Editing by Rashmi Aich
This article was originally published by Reuters.
Ghada Ashour, who grew up in Gaza, becomes fifth scholar selected for FIA’s flagship scholarship initiative Dubai, UAE, 8th December, 2025: The FIA’s United Against Online Abuse (UAOA) Campaign has welcomed Ghada Ashour, a 24-year-old student from Palestine, to its flagship scholarship programme, created to empower the next generation of researchers in the fight against online abuse in sport. Ghada grew up in Gaza where she has been studying remotely until gaining her place on the UAOA scholarship, which brought her to Dublin City University (DCU), Ireland. Becoming the fifth scholar to join the scholarship, she was selected based on her interests in social media, and her strong passion for advancing insights in this area for the benefit of everyone participating in sport. Launched in 2023, the programme offers talented students and young professionals from diverse backgrounds the opportunity to engage in cutting-edge research on the impact, prevalence, and prevention of online abuse in sport with a focus on developing practical solutions. Funded by the FIA Foundation, the UAOA scholars have been selected to undertake invaluable research at DCU based on their project proposals, dedication to achieving positive social change, and their unique perspectives approaching this issue. Ghada’s thesis, which will be printed in English and translated into Arabic, will focus specifically on the …
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