Social media company Meta (Facebook) is going to sell its cryptocurrency. Meta is set to sell its Diem cryptocurrency for 182 million.
The DM Association, which runs Facebook's cryptocurrency project, has announced that it will sell all of its cryptocurrency assets to Silvergate Capital Corporation.
Launched as Libra in 2019, Facebook's cryptocurrency has been the target of opposition from policymakers since its inception.
According to Stuart Levy, chief executive of DM Group, all of DM Group's assets have been sold to Silvergate, as discussions with US federal regulators have shown that the cryptocurrency project cannot be taken forward.