Diem coin news
Virtual panel Virtual Thu 11 Feb - The anticipated Libra stablecoin, now rebranded as Diem, is due to launch this year. The cryptocurrency is largely responsible for pushing central banks into thinking seriously about digital currencies. Diem could bring many benefits to current payment systems as well as potential risks to the financial system. This meeting is on-the-record and is open to a wider audience.
We are searching data for your request:
Upon completion, a link will appear to access the found materials.
Content:
- Facebook's cryptocurrency venture to wind down after asset sale to Silvergate
- Welcome to the Diem project
- Facebook says it wants a ‘fair shot’ in the crypto payments sphere.
- Silvergate Bank to issue Diem stablecoin
- Mark Zuckerberg’s crypto dreams dead as Diem gets sold
- Meta's (FB) Diem Project Is Reportedly Shutting Down
- Meta Says Adios to Diem – But Its Buyer Wants to Launch a Token of its Own
Facebook's cryptocurrency venture to wind down after asset sale to Silvergate
Diem has announced partnership with Fireblocks to launch a new payment solution for institutions, merchants and payment networks, across the global stablecoin and payments system formerly known as libra.
Diem to launch stablecoin payment solution for institutions, merchants and payment networks. Crypto custodian Fireblocks and payments platform First Digital Assets Group are providing connectivity and support to Diem, providing the digital plumbing to allow financial service providers such as banks, exchanges, payment service providers PSPs and eWallets to plug into Diem on day one, the companies said. Facebook unveiled the libra project in and almost immediately became embroiled in a whirlwind of regulatory blowback and governmental outrage.
Now, the rebranded Diem plans to emerge around the end of this quarter, with a modest minimum viable project based around a US dollar stablecoin. The streamlined project has bent to the will of regulators and operates on a strict permissioned basis with a specific onboarding process to become a diem virtual asset service provider, or VASP. The Diem payments system also allows things like refunds, and the stablecoin can be easily changed back into fiat to pay merchants or salaries and so on, Shaulov said.
Looking further down the road, the network also includes a sophisticated smart contract language called Move, Shaulov added, which could be used in areas like permissioned decentralised finance DeFi. Shaulov believes Diem will still be one of the fundamental projects bringing crypto into the mainstream, despite taking a while to get off the ground and garnering criticism because of its narrowed-down launch product.
And they know how to get user experience right. They know how to make things simple, how to engage users. You must be logged in to post a comment.
Home Daily news Diem to launch stablecoin payment solution for institutions, merchants and payment networks. Diem to launch stablecoin payment solution for institutions, merchants and payment networks By Alex Rolfe March 09, Daily news. Comments Post comment. No comments found for this post. Your comment will be reviewed by our team and published soon. Cancel reply You must be logged in to post a comment.
Welcome to the Diem project
Facebook wanted to revolutionize finance with a global digital currency — then came the regulators. First proposed in June with the name libra, the token was initially intended to be a universal currency tied to a basket of sovereign currencies such as the U. But after facing strong opposition from regulators around the world, the organization overseeing the project lost major backers including Visa and Mastercard. The group eventually watered down its plans , opting for multiple "stablecoins" backed one-to-one by different government-backed currencies, as well as one multi-currency coin. Now known as diem , the Facebook-backed digital coin is expected to launch later this year, albeit in a much more limited form.
Facebook says it wants a ‘fair shot’ in the crypto payments sphere.
As the regulatory hurdles were getting worse for Meta-backed Diem, Facebook-parent has now abandoned the project for good, as per a recent statement. And, Silvergate Capital has come in to acquire the asset and the intellectual property rights for the cryptocurrency project. It is worth noting that the company also operates the crypto-payments platform Silvergate Exchange Network. Meanwhile, as the bank holding company confirms the acquisition of the blockchain-based payment network, a stablecoin project might be in the works. He stated ,. Further adding that the potential to use blockchain technology for payments and remittance is immense. What we know is Silvergate can further harness the development, deployment, and operations infrastructure and tools, that it is purchased, for running a blockchain-based payment network. Lane also explained ,. As previously stated on our Q4 earnings call, it remains our intention to satisfy that need by launching a stablecoin in , enabled by the assets we acquired today and our existing technology. We can recall that Facebook was originally behind the Libra project launched in
Silvergate Bank to issue Diem stablecoin
Stablecoins are digital assets pegged to a currency or commodity. Let's take a look at where things now stand with Diem and Silvergate's stablecoin ambitions. Silvergate Capital is a bank, but its business is driven by its real-time proprietary payments system called the Silvergate Exchange Network SEN , which enables multiple parties on the network to instantly clear and settle transactions at any time. The network's main use right now is to better facilitate cryptocurrency trading between institutional traders and crypto exchanges because the U. But Silvergate also wants to use SEN to mint and burn stablecoins for commerce and remittance purposes.
Mark Zuckerberg’s crypto dreams dead as Diem gets sold
We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. More than two years after it was first announced, the Facebook-sponsored cryptocurrency formerly known as Libra appears to be coming to an end. The Diem Association set up by Facebook to manage the digital token is exploring a sale of its assets after meeting resistance by regulators who opposed the initiative, according to a new report by Bloomberg. The U. Originally, Libra was meant to be a digital token backed by a basket of currencies from around the world, but regulators quickly halted that idea.
Meta's (FB) Diem Project Is Reportedly Shutting Down
The Facebook-backed Diem Association has revealed its plans to launch a stablecoin backed by the US dollar as it shifts its focus to the United States. Formerly known as Facebook's Libra Association, Diem was supposed to create a single stablecoin backed by a number of global currencies. After facing a ton of pushback from regulators around the world, though, the association changed its plans and decided to build a payment network wherein coins are tied to a variety of local currencies. Now, Diem is scaling back its plans even further and has withdrawn its application for a Swiss payment license from Switzerland's FINMA financial regulator. Diem previously said that it wouldn't launch until it gets FINMA's blessing, but that's clearly no longer the case. Silvergate will be the exclusive issuer of the Diem USD stablecoin and will run its blockchain-based payment system.
Meta Says Adios to Diem – But Its Buyer Wants to Launch a Token of its Own
Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether. The Diem Association will wind down its operations in the coming weeks after selling its assets to Silvergate Bank. It's time to revisit the chief legacy it leaves behind: A more involved regulatory framework than it may have intended.
If the shuttering of Diem passed some crypto investors and market watchers without much notice, that should not come as a surprise. This inauspicious and muted end for the project was caused by several factors, but it should be noted that this is the complete opposite of how this idea initially was introduced to the marketplace. One key factor that might refresh the collective memory of the market is the original name of this concept: Libra. Yes, the stablecoin project launched and spearheaded by Facebook now Meta , although purportedly in consultation with multiple other organizations, has officially folded.
Government Has Taken Notice. Here's What Investors Should Know. Ethereum Just Hit a 6-Month Low. Upgrade Bitcoin Rewards Card: 1. John Puterbaugh is a journalist with more than 10 years of experience leading editorial teams in personal…. Alex Gailey is a journalist who specializes in personal finance, banking, credit cards, and fintech. Prior to….
Provide people everywhere access to safe and affordable financial services. So people everywhere can live better lives. Moving money around the world should be as easy and cheap as sending a message. No matter where you live, what you do, or how much you earn.
There are no comments yet.