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Monday, May 22, 2023

Diem Has Weighed Its Sale After Plans Of Stablecoin Falter

Diem, the crypto initiative backed by Meta, has been reportedly trying to sell all of its assets- which would be drawing the curtains on Mark Zuckerberg. The grand ambitions of the founder of Facebook of stablecoin acting as the currency of the internet seem to be going up in flames.

The initiative, which was previously known as Libra- is the cryptocurrency initiative of Meta Platform. According to most insider sources that have been speaking with Bloomberg, it is still considering selling all of its assets to return capital to its investors. 

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Diem Might Find Itself A Bunch of Buyers

The sources have also stated that Diem was currently in discussions with a whole bunch of investment bankers to determine the best way through which it would be able to sell its intellectual property and cash out whatever value the project has been able to maintain. It is still unclear as to how the company will actually be valued, and there is also no guarantee that they will be able to find a suitable buyer.

According to the source, about a third of the venture will be owned by Meta. The remainder will be owned by most of the members of the association as well as partners, which include Uber, Coinbase Global, and Shopify. 

Diem has brought forth no shortage of controversies in its short life since it was launched on the 18th of June, 2019. Libra, as it was referred to at the time, was intended to be maintained by a consortium of companies based in Switzerland- called the Libra Association.

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However, the news of the launch of the project went on to trigger some immediate pushback from the US government and regulators throughout the entire world, who have cited major concerns regarding monetary sovereignty and questions of privacy. Both Mark Zuckerberg and David Marcus went n to testify before the House Financial Services Committee to address the concerns brought forth.

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