Silvergate's Acquisition of Diem's Assets Positive for Stablecoin Launch, Analysts Say

Silvergate's Acquisition of Diem's Assets Positive for Stablecoin Launch, Analysts Say
Silvergate Capital’s planned stablecoin could benefit from the distribution and potential partnerships with Diem Association members and other money service providers, Wedbush analysts said in a note following news of the crypto firm’s deal to buy assets of Meta’s Diem.The distinction as to who controls the payment network is a significant positive, Wedbush said, and it puts Silvergate in “pole position” to develop distribution partnerships with marquee consumer brands, including Meta.”The purchase price represents good value for Silvergate given the sophisticated technology that is being acquired, and the acquisition should accelerate the launch of its stablecoin,” the report said.Silvergate’s acquisition…