Facebook is going to sell Crypto project Diem Association

Reportedly Meta is no more interested in its crypto and blockchain-based projects and planning to sell them. 

Meta (Former Facebook) worked more perfectly on its Diem Association. Diem Association is a subsidiary of Meta, which is involved in the crypto and Blockchain development works. Meta planned to introduce its stable coin in the crypto and non-crypto market but due to regulatory issues, it failed. 

On 26 January, Wall Street Journal published a report on Meta’ Diem Association. According to the report, Meta is selling its Deim Association to a Californian bank for $200 million. 

Silvergate Capital Corp, Bank, previously was in contact with Meta to issue the stablecoin of Meta but unfortunately, Bank failed to help. Reportedly the efforts by this Bank failed because of the decision of the Federal Reserve, which didn’t greenlight this initiative of Meta. 

Right now the bank, Silvergate Capital Corp, is known for providing financial infrastructure with the collaborative approach of Crypto, blockchain, and banking services together for its Digital assets inclined clients. 

According to available report sources, Meta is currently holding 1 third of the stake in the Diem Association and the rest of the stake is under the few members of the Diem Association. 

Meta getting low-grade support 

However, the planning of Meta is better in the crypto and blockchain industry to provide better quality services and also Meta doesn’t need to search the new users for its new services but here Meta is not getting support from the regulatory bodies. 

Recently Meta announced that its social media platform WhatsApp integrated stablecoin based payment options to bring the very easiest method for its users to pay funds to each other, however, service was limited to a few states in the US. 

Before the launch of the Meta-owned crypto wallet, Novi, a few lawmakers of the United States raised issues against the Meta company and requested to take such products away. All these were part of a trust issues with Meta because in the past Meta sold its user’s data to third parties and also its CEO admitted that he sold the privacy data of its users.

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