Diem cryptocurrency news
Diem, formally known as Libra, is an upcoming global payments network that is expected to launch in The Diem Network will operate using the Diem Blockchain, a new blockchain designed to be highly scalable, secure and flexible. According to its whitepaper , the mission of the project is to develop a financial infrastructure that "empowers billions of people. The project was first announced in June as a single global currency backed by a reserve of assets. However, after much international regulatory scrutiny, Diem was revised to include a basket of single-currency fiat-pegged stablecoins in addition to its multicurrency coin, XDM.
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- Facebook’s crypto project Diem sold after pushback
- Facebook-backed digital currency Diem sold to bank
- Facebook-backed cryptocurrency sold amid regulatory pressure
- Facebook’s cryptocurrency dream is over before it started
- Meta Shelves Plan for Blockchain-Based Stable Coin Diem; Major Cryptos Trading In The Green
- Facebook cryptocurrency venture Diem sold for $182m
- The end: Facebook-backed digital currency Diem sold to bank
- Meta's crypto project has been officially sold
Facebook’s crypto project Diem sold after pushback
The Facebook-backed Diem cryptocurrency project has called it quits after nearly three years of fighting to stay alive. Libra to Diem: A timeline The launch of Libra: Facebook, in , brought various startups and financial services giants together to create a stablecoin called Libra and a wallet called Calibra for it.
However, after facing massive opposition from regulators around the world, many companies including PayPal, Visa, and Mastercard decided to withdraw from the project forcing the association to go through a complete makeover.
While Libra was supposed to be backed by a basket of global currency, Diem was meant to be pegged to the US dollar. Calibra renamed Novi: Facebook in December also announced that it has renamed the Calibra wallet as Novi. The company also abandoned its plans for a Swiss payments license and instead partnered with Silvergate, which was to become the exclusive issuer of the Diem USD stablecoin and manage the Diem USD reserve. WhatsApp launches crypto payments pilot: In December , WhatsApp announced that a limited number of US citizens will be able to send and receive money on WhatsApp using the Novi wallet.
We addressed that concern in ways that are novel in the industry, implementing numerous controls that were recognized as innovative by regulators. Among these controls was a prohibition on anonymous transactions, which pose both a sanctions and money laundering risk. But with nearly all of Libra founding team gone from Meta, the odds of Diem ever reemerging with the same level of backing it once had feel slim.
Echoing similar thoughts, David Marcus, the former Facebook executive who created Libra, tweeted: Advertisement. Scroll to continue reading. Here's to yet another chapter with a maybe more "acceptable" promoter driving the vision forward.
There will be ample time in the future for me to properly reflect on the behavior of certain politicians and regulators along the way, but for now… onward! Post your comment and gift someone a MediaNama subscription. You must be logged in to post a comment Login. You must be logged in to post a comment. While the market reality of popular crypto-assets like Bitcoin may undergo little change, the same can't be said for stablecoins.
Bringing transactions related to crypto-assets within the tax net could make matters less fuzzy. Loopholes in FEMA and the decentralised nature of crypto-assets point to a need for effective regulations. The need of the hour is for lawmakers to understand the systems that are amplifying harmful content. For drone delivery to become a reality, a permissive regulatory regime is a prerequisite.
But, Uber, for which he drives a cab everyday, is starting to look like one, he MediaNama is the premier source of information and analysis on Technology Policy in India.
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Facebook-backed digital currency Diem sold to bank
Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. These offers do not represent all available deposit, investment, loan or credit products. The Diem saga started in when Facebook announced a new digital currency called Libra. The mission was simple yet ambitious. Following a time of significant growth in the cryptocurrency sector, new coins were hot and highly anticipated.
Facebook-backed cryptocurrency sold amid regulatory pressure
Facebook's announcement of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials They expressed a barrage of criticism about the security and reliability of a private network. Facebook's announcement of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials, who expressed a barrage of criticism about the security and reliability of a private network. Diem Networks' US CEO Stuart Levey said in a statement that the initiative made progress, but "it nevertheless became clear from our dialogue with federal regulators that the project could not move ahead. Pressed by regulators' concerns about a currency managed by a private company, the project was previously entrusted to an independent entity based in Geneva. After the defection of several major partners such as PayPal, Visa and Mastercard, the organization scaled back its ambitions, before renaming itself Diem at the end of This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Never miss a story! Stay connected and informed with Mint.
Facebook’s cryptocurrency dream is over before it started
A once-ambitious but now faltering Facebook-backed digital currency project known as Diem is dead, its assets sold to bank holding company Silvergate Capital. Silvergate and the Diem Association announced the sale on Tuesday. Meta, which owns Facebook, did not have a comment. A Facebook spokesperson, however, pointed to tweets by Stephane Kasriel, head of Meta's cryptocurrency wallet Novi, that said the decision to sell was not made by Meta, but by the Diem Association. Because we still believe in the shared financial inclusion mission," Kasriel wrote.
Meta Shelves Plan for Blockchain-Based Stable Coin Diem; Major Cryptos Trading In The Green
Silvergate said in a statement that the Diem has been operating in a "pre-launch phase," and the assets acquired in the sale include "development, deployment and operations infrastructure and tools" for running it, as well as "critical" proprietary software. Diem was founded by Meta in as Libra, with the aim to create stablecoins backed by fiat currencies. Diem was hit hard with regulatory scrutiny right out of the gate, causing some supporters to drop out. The association had planned to partner with Silvergate Bank, a subsidiary of Silvergate Capital, to issue its digital currency. Meta introduced a crypto wallet using a different stablecoin last year, in a sign of Diem's fading support.
Facebook cryptocurrency venture Diem sold for $182m
Remember when Facebook started talking about launching its own crypto coin two years ago called Libra and everyone balked and then it kind of went away? Well, it didn't totally go away, it's now called Diem, and the project is still moving forward toward a launch. Libra began as a very ambitious project, with alleged backers that included Visa, Mastercard, Paypal, Uber, eBay, and Coinbase. The idea was for a so-called "stablecoin" that was tied to the U. That was how it was all announced back in June , but by the fall of that year, Visa, eBay, Mastercard, and other big backers were all announcing their exits from the Libra Association. It's hardly been easy from a political or PR standpoint for Facebook to launch much of anything in the past few years, and the world is rightly skeptical of pretty much anything the company plots. But now that crypto coins are all the rage again, the Associated Press reports that Facebook's coin, and the renamed Diem Association, are still aiming to launch the currency this year, and they've moved the Association's base of operations out of Switzerland, to the U.
The end: Facebook-backed digital currency Diem sold to bank
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Meta's crypto project has been officially sold
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Facebook's announcement in of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials. Facebook's announcement in of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials, who expressed a barrage of criticism about the security and reliability of a private network. Silvergate bought development, deployment and operations infrastructure as well as tools for running a blockchain-based payment network for payments and cross-border wire transfers. Facebook developed the technology, initially named Libra , and then entrusted its control to an independent entity based in Geneva. After the defection of several major partners such as PayPal, Visa and MasterCard, the organisation scaled back its ambitions before renaming itself Diem at the end of
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