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After multiple rebrands, congressional hearings, and several high-profile staff departures, the Meta-backed cryptocurrency known as Diem is calling it quits.
The association behind Diem confirmed Monday that it sold its assets for around $200 million to Silvergate, a crypto-focused bank it was working with last year to launch a stablecoin pegged to the U.S. dollar. The decision to sell was made after it “became clear from our dialogue with federal regulators that the project could not move ahead,” Diem CEO Stuart Levey said in a press release. (It’s already known that the U.S. Federal Reserve was a key opponent to Diem launching.)
The sale of Diem’s assets marks the end of an effort that, in retrospect, was doomed from the start.
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