Meta: Facebook’s cryptocurrency would already be dead, the company abandons plans for a report

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According to publications such as the Wall Street Journal and Bloomberg, A half – the Facebook company, Instagram and beyond – may have decided to abandon their plans linked to Diemthe cryptocurrency unveiled as Libra in 2019.

As indicated, Meta would have decided to sell technology which was behind Facebook’s cryptocurrency at the Silvergate bank for a total of $ 200 million. The project would therefore have failed even before it was born. Diem would have been the cryptocurrency for Facebook transactions, but that’s not all.

The Meta logo

Diem had not yet received the approval of the authorities competent in the USA and immediately had to face various problems. Initially, Facebook had entered into an agreement with world-renowned credit card operators VISA and Mastercard, and later also with PayPal and eBay. However, in October 2019, relations between the companies broke down. The problems had prompted Facebook to change the name of the cryptocurrency, from Libra to Diem.

One of the last hits suffered by Meta’s Diem project was the farewell of David Marcus, executive in charge of the operation. The Facebook cryptocurrency had struck a deal with the Silvergate bank to adjust the value in relation to the US dollar, but in the end it seems that it all ended with a sale of the technology to the bank.

Meta is now pointed towards the metaversewhich will be supported by the fastest supercomputer in the world.

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