Facebook’s desirous bid to move cryptocurrency to a masses has failed.
The Diem Association, a consortium Facebook founded in 2019 to build a unconventional payments network, is circuitous down and offered a record to a tiny California bank that serves bitcoin and blockchain companies for about $200 million, a chairman informed with a matter said.
The bank, Silvergate Capital Corp.
SI,
-2.52%,
had progressing reached a understanding with Diem to emanate some of a stablecoins — that are corroborated by tough dollars and designed to be reduction flighty than bitcoin and other digital currencies — that were during a heart of a effort.
The sale represents an bid to fist some remaining value from a try that was challenged almost from a start. Facebook, now Meta Platforms Inc.
FB,
-1.84%,
launched a plan in 2019 as Libra, pitching it as a approach for a amicable network’s billions of users to spend income as simply as promulgation a content message.
An stretched chronicle of this news appears on WSJ.com.
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