Bloomberg reports that Meta is looking to sell its Diem stablecoin project. The monies will be used by the company to repay investors and rehire engineers who worked on the project.
Bloomberg claims that Meta’s Diem stablecoin project is in trouble, with the company looking to liquidate its assets.
According to sources close to the outlet, the stablecoin plans have fallen through. Well, in part due to regulators’ reservations over the initiative.The sale of assets would be to repay funds to investor members, according to the report.
Diem is apparently speaking with investment bankers about ways to sell the project’s intellectual property. Of course, as well as provide jobs for the project’s engineers.The stablecoin has a tumultuous history, staying under subject to regulatory scrutiny.
Then, and undergoing a rebranding from its former moniker of Libra. Also, The most recent of these investigations led to Democratic senators in the United States. Of course,requesting that the corporation abandon the project and the Novi wallet.
The Novi wallet allowed users to send money to friends using WhatsApp. This drew the notice of US authorities right away. Regulators should investigate the Novi wallet, according to financial watchdogs.
When Diem was first revealed, it sparked outrage from the crypto community as well as governments around the world. The latter group believes that a stablecoin basket would give the corporation too much power and would encroach on national currencies’ jurisdiction.