Diem Confirms Shutdown as Silvergate Acquires Assets

Diem Confirms Shutdown as Silvergate Acquires Assets
The Diem Association is shutting down.Silvergate Bank confirmed Monday that it’s purchasing the technology and other assets from Diem, the stablecoin project from Meta (formerly Facebook) first announced as Libra in June 2019.In a statement Monday, the Diem Association said it would “begin the process of winding down” both the group and its subsidiaries over the next few weeks.Silvergate announced in a press release late Monday that it is acquiring Diem’s development, deployment and operations tools, as well as tools “for running a blockchain-based payment network” for remittances and other applications.It described Diem’s work as running “in a pre-launch phase.”…