Wall street journal facebook cryptocurrency
The sale represents an effort to extract some of the remaining value from a business that was challenged almost from the start. Facebook, now Meta Platforms Inc. Libra has tapped into well-known e-commerce and payments partners, including PayPal Holdings Inc. The partners agreed to join the Libra Association, a Swiss-based group that would govern the stablecoin, and shell out millions of dollars each to develop the project. But he almost immediately encountered resistance in Washington.
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- Reflecting on Facebook's Hilarious, Well-Deserved Crypto Failure
- Facebook winding down cryptocurrency effort: report
- Facebook broke its own rules, encouraged plagiarism: Internal memo
- Facebook's cryptocurrency venture to wind down
- Google to offer checking accounts next year: Report
- Facebook’s Crypto Dreams May Be Dead as Stablecoin Plan Dissolves
- Diem is dead. What next for stablecoins?
Reflecting on Facebook's Hilarious, Well-Deserved Crypto Failure
The coin has been struggling to gain approval from US regulators. Facebook set up the Diem Association to manage the digital token, and the association solidified partnerships with dozens of companies.
The cryptocurrency initiative, which Mark Zuckerberg once defended in front of congress, looked promising on paper but ultimately failed to deliver on plans to build a futuristic payment system. Bloomberg previously reported that Diem was considering selling its remaining assets to reimburse the value to investors.
Facebook wanted Libra to help grow a global payment system that would provide universal access to a financial system. The ambitious yet simple goal was soon shot down by regulators and traditional financial systems, which is why Zuckerberg was called to Congress to defend it.
Facebook Co, which recently changed its name to Meta, announced plans to create a "stablecoin" called Libra back in Its motto at the time was "move fast, break things". Stablecoins are designed to have a stable price, by being linked to an existing currency. Libra was originally designed to be backed by a range of currencies and initially had a bunch of companies collaborating with it.
At the time, Facebook was under fire for misinformation on its platform, and all the bad press made its partners uneasy. Businesses started withdrawing their support. Sign up to our free newsletter to receive our top stories twice a day as well as up to the minute breaking stories, information on coronavirus and the latest Newcastle United and Sunderland AFC football stories.
It takes just seconds to sign up - just click on this link , enter your email address and follow the instructions. If you change your mind you can unsubscribe using the link at the bottom of every newsletter we send out. Find us on the British Newspaper Archive here. To try and revive the project, Facebook rebranded the coin to Diem, setting up a separate association to handle it.
The Diem token was linked to the US dollar and would typically be used to buy and sell other cryptocurrencies like Bitcoin. This didn't work. Silvergate bank stepped in to be the issuer of the Diem stablecoin, but the US Federal Reserve said it wouldn't give it the go-ahead as it was "uneasy2 with plans. With the risk of a Fed crackdown hanging heavy, the Diem coin essentially couldn't exist, and so the project started to unravel.
The Diem founder, David Marcus, also left Meta last year as a few of the team jumped ship. By Sian Bradley. Subscribe We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info.
Thank you for subscribing We have more newsletters Show me See our privacy notice. Mark Zuckerberg's attempt to develop a cryptocurrency has crashed and burned. The Facebook-sponsored cryptocurrency, formerly known as Libra, was launched in READ MORE: Russia's central bank proposes ban on using cryptocurrency and mining it The cryptocurrency initiative, which Mark Zuckerberg once defended in front of congress, looked promising on paper but ultimately failed to deliver on plans to build a futuristic payment system.
This is according to a report by the Wall Street Journal, which has not named the source. So what was this once ambitious project, and why did it fail? Get free email updates straight to your inbox. Follow ChronicleLive. Facebook Twitter. How non-fungible tokens work and how you can buy them There's no shame in still not knowing what they are. Facebook What was the Facebook cryptocurrency Diem and why is Zuckerberg selling the assets?
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Facebook winding down cryptocurrency effort: report
We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info. Facebook, now re-branded as Meta, has been pursuing the idea for some time with an initiative known as Libra being unveiled in Libra was not without controversy and attracted considerable backlash around the world prompting a rebranding as Diem in
Facebook broke its own rules, encouraged plagiarism: Internal memo
Facebook's Libra cryptocurrency is readying to launch as early as January, the Financial Times reported on Friday, citing three unidentified people involved in the project. The Geneva-based Libra Association that will issue and govern Libra plans to launch a single digital coin backed by the dollar, the FT said, citing one of the people. The move would represent an even bigger scaling-back of the project's ambitions than that proposed in April in response to a regulatory and political backlash against the project. Libra, unveiled by Facebook Inc last year, was relaunched in slimmed-down form after regulators and central banks across the world raised concerns it could upset financial stability and erode mainstream power over money. The Libra Association, of which Facebook is one of 27 members, is seeking the go-ahead from Switzerland's markets watchdog to issue a series of stablecoins backed by individual traditional currencies, as well as a token based on the currency-pegged stablecoins. Yet under the body's new plan, other coins backed by traditional currencies, as well as the composite, would be introduced at a later date, the FT said. The Libra Association did not immediately reply to a request for comment. FINMA, the Swiss regulator, did not elaborate beyond a statement in April confirming receipt of Libra's application for a payments licence. Stablecoins are designed to avoid the volatility typical of cryptocurrencies such as bitcoin, making them in theory more suitable for payments and money transfers. Sign In.
Facebook's cryptocurrency venture to wind down
Cryptocurrency miners, who were under fire for generating large carbon emissions, seem to have found a solution: to partner with aging nuclear energy plants and spare some power capacity. The deals between the plants and miners may have the potential of solving the problems that both industries face. Amid competition, struggling local nuclear plants are happy with the partnership and new nuclear projects too are looking forward to striking deals with cryptocurrency miners. One startup, Oklo Inc, for example, has already signed a year supply deal with hardware and hosting firm Compass Mining and plans to build a small-scale fission power plant, WSJ reported.
Google to offer checking accounts next year: Report
A group of Democratic senators, including vocal crypto critic Sen. Elizabeth Warren D-Mass. Crypto Global. Crypto Venture Capital Markets. Join now to read the full story Get Started.
Facebook’s Crypto Dreams May Be Dead as Stablecoin Plan Dissolves
Diem is dead. What next for stablecoins?
Originally named Libra, the crypto coin was initially planned to be backed by a basket of currencies, but under pressure from regulators narrowed its ambition to assuming the status of a stablecoin, backed one-to-one by US dollars. They are braced for action from regulators, who have shown an increasing interest in stablecoins and other crypto assets of late. They are most concerned about their ability to destabilize the financial system if there is a sudden run on withdrawals. Stablecoins are mainly used in transactions involving other digital currencies, but they have the potential to be used in retail transactions as companies like Visa explore services relating to them.
PayPal announced it is pulling its participation in Facebook 's cryptocurrency venture Libra, despite supporting it since its founding. Libra confirmed PayPal's withdrawal to ABC News and Dante Disparte, the head of policy and communications for Libra, told ABC News in a statement that they were better off knowing about their lack of commitment "now, rather than later. The journey will be long and challenging," Disparte said. Facebook announced in June that it would launch Libra , its own cryptocurrency, in , and faced almost immediate backlash. Dan Schulman, the president and CEO of PayPal, said in a statement as Libra was being founded earlier this year that his company is "pleased to join other leading technology and financial servicesorganizations to form Libra, with the goal of exploring a new, global digital currency, built on blockchain technology.
Class A Report , is ditching its embattled crypto project that was supposed to be the company's big foray into global payments and e-commerce. The move comes at a time when Founder and Chief Executive Mark Zuckerberg is transitioning the company away from its much-criticized social network and related family of apps and into what he calls an "embodied Internet" or the metaverse. Facebook was working on a project to let people to use its dollar-backed stablecoin, Diem, to make transactions, after it tempered its original cryptocurrency ambitions over regulatory backlash. But now the Menlo Park, Calif. Silvergate had agreed last year to partner with Diem in launching a U. Diem, which is an independent association of more than two dozen members that backed this project, declined to comment. Facebook's announcement of its own proposed virtual currency, Libra, in June was meant to accelerate the adoption of alternative currency and payment systems, lifting the prospects of other cryptocurrencies in the process.
Skip Navigation. Big investors bought up bitcoin as hoped and in the process ruined its usefulness as a hedge. Tanaya Macheel Fri, Jan 28th