Diem to Sell Assets to Silvergate Bank for $200M: Report

Diem to Sell Assets to Silvergate Bank for 0M: Report
The Diem Association, the Meta Platforms-led enterprise that was looking to issue a new, user friendly stablecoin, is selling its technology to Silvergate Capital for $200 million, The Wall Street Journal reported, citing an unnamed source. The California bank, which serves blockchain companies, had already agreed last year to partner with Diem in launching a U.S. dollar-pegged stablecoin. The agreement was supposed to breath fresh air into a struggling project, which Meta Platforms had kickstarted under the name Libra in 2019 when the company was still called Facebook. Diem was in discussions with investment bankers to sell its intellectual property…