Cryptocurrency project

Meta (the owner of Facebook) sold its Diem project (formerly Libra) to Silvergate Bank. The corporation planned to launch its own cryptocurrency under this structure. However, Diem Association CEO Stuart Levey said the units will begin winding down in the coming weeks, PRNewswire writes.

Silvergate bought Diem's assets for $132 million in shares and $50 million in cash. The bank said it will use the acquisition to improve the infrastructure of Stablecoin, a cryptocurrency tied to the value of another asset. The bank will also incur additional costs to incorporate the assets into its infrastructure estimated at $30m over the course of 2022.

In 2019, Facebook created a new entity, a subsidiary of Calibra, to develop software for the social network's own virtual currency, Libra. Calibra's first phase was to develop and launch a digital cryptocurrency wallet and integrate it into other Facebook products.

After a flurry of criticism from lawmakers and regulators around the world, the corporation created a version of the digital wallet Novi in October 2021. The digital currency was named Diem it was run by an independent association that was not accessible to the public.