Meta’s (Facebook) crypto venture dwindles as it sells its Diem tech to crypto-focused bank

Meta, formerly known as Facebook, is ending its inroads into the cryptocurrency space after reportedly agreeing to sell its digital currency venture Diem Association

Sources familiar with the matter state that the venture, launched in 2019 as Libra, is being sold for $200 million to California’s Silvergate Capital bank, the Wall Street Journal reports.

Furthermore, a separate report indicates that Diem had initially encountered challenges in finding a prospective buyer. Notably, the company has been in talks with investment banks about selling its intellectual property and finding a destination for its engineers.

Diem Association, which handles the development of the Diem digital currency, will return capital to investors after selling its assets.

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