Crypto

Facebook cryptocurrency would be archived

It’s not impossible that Facebook’s ambitious plan to launch a cryptocurrency and wallet is destined to die. In fact, the company would be busy doing a clean sweep.

According to the Bloomberg news agency, which is based on sources involved in the matter, the Diem Association, the organization that manages the cryptocurrency, would negotiate with the banks the resale of the intellectual property or the recovery engineers involved.

This is a clear signal that the organization wants to stop its activities. This decision would have been made after the United States Federal Reserve again opposed the project, more specifically Silvergate Capital, the bank that would have assisted in the issuance of the cryptocurrency.

A short but tumultuous story.

Facebook’s digital currency (in the meantime renamed Meta) was announced in 2019. The payment method was then called Libra. Facebook also created Calibra, a subsidiary tasked with offering a digital wallet. The project promised to be ambitious with, among others, the support of 27 companies, including Mastercard, PayPal, Visa, eBay, Booking.com, CoinBase, Spotify, Vodafone and others.

But the initiative soon had to face opposition from financial regulators, both in the United States and in Europe. Just a few months later, most of the partners jumped ship. The fact that Facebook itself was singled out quite frequently at the time for privacy violations and deception potentially played a role in this, as it emerged during a hearing during which US politicians were highly skeptical.

In 2020, the name Libra gave way to Diem. The concept was also simplified: the value of the currency was no longer based on a set of cryptocurrencies, but on the US dollar. There was also more focus on the concept of a payment platform and less on a digital currency. The activities were organized by the Diem Association, active from Switzerland. It was as if the currency had almost become independent from Facebook. At that time, the coin was planned to be launched in the second half of 2020.

The penultimate backlash came when David Marcus, director of cryptocurrency initiatives at Facebook, resigned last year. This, in combination with the new opposition from the Federal Reserve, as indicated by the Bloomberg agency, is now forcing the organization to weigh its options and reach the point of liquidating its… furniture. As for whether these pieces of furniture can be paid for in crypto cash or cash, the question is open.

According to the Bloomberg news agency, which is based on sources involved in the matter, the Diem Association, the organization that manages the cryptocurrency, would negotiate with the banks the resale of the intellectual property or the recovery engineers involved, which is a sign clear. that the organization wants to stop its activities. This decision would have been made after the US Federal Reserve again opposed the project, more specifically Silvergate Capital, the bank that would have helped in the issuance of the cryptocurrency. Facebook’s digital currency (meanwhile renamed Meta) was announced in 2019. The payment method was then called Libra. Facebook also created Calibra, a subsidiary tasked with offering a digital wallet. The project promised to be ambitious with, among others, the support of 27 companies, including Mastercard, PayPal, Visa, eBay, Booking.com, CoinBase, Spotify, Vodafone and others, to the opposition of financial regulators, both in the United States and in Europe. Just a few months later, most of the partners jumped ship. The fact that Facebook itself was at the time singled out quite frequently for privacy violations and deception potentially played a role in this, as it emerged during a hearing during which US politicians were highly skeptical. way to diem The concept was also simplified: the value of the currency was no longer based on a set of cryptocurrencies, but on the US dollar. There was also more focus on the concept of a payment platform and less on a digital currency. The activities were organized by the Diem Association, active from Switzerland. It was as if the currency had almost become independent from Facebook. At the time, the coin was scheduled to launch in the second half of 2020. The penultimate backlash came when David Marcus, director of cryptocurrency initiatives at Facebook, resigned last year. This, in combination with the new opposition from the Federal Reserve, as indicated by the Bloomberg agency, is now forcing the organization to weigh its options and reach the point of liquidating its… furniture. As for whether these pieces of furniture can be paid for in crypto cash or cash, the question is open.

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