Silvergate Capital has agreed to acquire Meta Platforms’ digital currency venture Diem Association’s Blockchain Payments Network and other intellectual property assets.
Diem added in a separate statement that the asset sale will result in the company’s closure.
Diem, originally known as Libra, was first announced by Meta, formerly Facebook, in June 2019 as part of an endeavor to extend beyond social networking into e-commerce and worldwide payments.
The initiative was met with intense opposition from legislators throughout the world, and in order to obtain regulatory permits, Facebook renamed its digital coin Diem and scaled back its worldwide ambitions to focus on the United States.
According to the release, Silvergate issued 1.3 million shares of stock to Diem and paid US$50 million (A$71 million) in cash for the assets.
The initiative was met with intense opposition from legislators throughout the world, and in order to obtain regulatory permits, Facebook renamed its digital coin Diem and scaled back its worldwide ambitions to focus on the United States.
