Facebook’s Crypto Project Is Absolutely Dead

Facebook is a long time coming stablecoin project, Diem, is underway. Monday, the export company, Silvergate Bank, has been confirmed was buying Diem’s $ 182 million worth of goods from a professional giant, which marks the end of a long and confusing release.

“Despite giving us a good idea of ​​the design of the network, it became clear in our discussions with government officials that the project could not progress,” said a statement from Diem CEO Stuart Levey on the project. old page. “As a result, the best way forward was to sell Diem Group assets, as we did today at Silvergate.”

Diem’s ​​Facebook concept – later called “Libra” – was first released in summer of 2019 with the aim of creating “a simple global payment system and economic means that empowers billions of people.” But because this is the nature of Facebook, almost everyone was skeptical; regulators from the EU and the US they were also skeptical about the project, when the European antitrust agency was opened research in an effort soon after the first announcement.

Then the head came from the lovers. Some of the sponsors of the project, such as PayPal, Mastercard and Visa jumped the ship After several months of monitoring, and things have only gotten worse since then. First came the name change, then came a smaller spread: what was supposed to be a global cryptocurrency supported became what it was. only available in the US after that failed to obtain permission from Swiss pay regulators. Team managers who oversee Diem’s ​​push in the team, such as David Marcus, left the company soon. The Novi blockchain wallet that Facebook created to carry digital currency he announced late last year that it will be trying to pay with Pax Dollars (USDP), instead of Diem as originally planned.

Diem is not the only activity Facebook has announced closing this week. The same day as the Silvergate announcement, the Israeli media first reports that the company is shutting down its Express Wi-Fi service, which has been providing low-cost internet connections to parts of India, Indonesia, and other southern parts of the world over the past six years. Like Diem, rulers around the world were skeptical of Wi-Fi, and countries like Bangladesh. complete ban the project from the establishment of retail outlets in rural areas for security and licenses.

An to announce on Facebook (sorry, Meta) page confirms closure. “After more than five years, we are planning to launch our Express Wi-Fi program,” the company wrote.

“Together with our partners, we have helped to expand public Wi-Fi access to people in more than 30 countries through the Express Wi-Fi platform. telecom so that we can better communicate. ”