Former Facebook’s failed stablecoin project Diem, which has been rebranded as a commodity, has reportedly sold its assets to crypto-focused bank Silvergate for $200 million. The project was in talks with investment banks to sell key assets and return money to investors.
According to the news cited by the Wall Street Journal and citing an anonymous source, the stablecoin project Diem, formerly known as Libra, is selling off important assets as regulatory pressure increases. Accordingly, crypto-focused Silvergate Bank took action to purchase the assets of the project for $200 million. The bank had agreed to partner with Diem to launch a dollar-pegged stablecoin. Similarly, Bloomberg reported on Tuesday that Diem is in talks with investment bankers to sell his intellectual property in order to return money to investors.
As it is known, Diem has been the scene of great reactions from the regulators since it was first introduced. Although he went to organize the project many times after the harsh reactions he received and had to file his goals, Diem could not escape from being unsuccessful. Regulators have also reacted very harshly to Novi, which will be a wallet compatible with Diem.
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