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Mark Zuckerberg’s Meta, formerly Facebook, is reportedly looking to sell its interests in the cryptocurrency project Diem, formerly known as Libra.
Citing people familiar with the matter, Bloomberg published on Tuesday that the social media giant is in talks with investment bankers to sell its assets in the cryptocurrency project.
Meta owns holds approximately a third of the crypto project with the rest owned by other members of the Diem Association.
By selling its assets, the Diem Association intends to return capital to its investor members, the sources said. Diem is also discussing selling its intellectual property and assuring the project engineers can remain in function.
In May last year, the association announced a partnership with Silvergate Bank to become the exclusive issuer of the Diem USD stablecoin. Nevertheless, Bloomberg reports that the bank’s regulator told Silvergate it was not comfortable with the Diem launch plan and was not able to give the bank any assurances it would be permitted.
Initially unveiled in June 2019 as the Libra project, following ongoing scrutiny from regulators and the abandonment of important partners such as PayPal, Mastercard and Visa, it changed its name to Diem.
Meta’s Head of Cryptocurrency, David Marcus already decided to abandon the ship at the end of 2021.