Mark Zuckerberg sold his cryptocurrency project Diem to Silvergate Bank

[tvplus006]

According to the official message published on the Diem website https://www.diem.com/en-us/updates/stuart-levey-statement-diem-asset-sale /, all assets and intellectual property rights of the project are transferred to the American bank Silvergate.

Obviously, the deal is the completion of attempts for Mark Zuckerberg company to create a payment network Diem, which previously had the name Libra before the rebranding.

[Findingnemo]

For real? If yes, then it could be actually due to the government made them to do it anyway Facebook made money by selling the project instead of simply closing it but the ban which actually bought can create their own instead of buying an another project.

Thanks for the info man.

[Flexystar]

Oh that’s something new now. Mark is always attachy with courts and government since the beginning of Facebook I believe. I am not sure why he did this but looks like some sort of pressure or may be a internal deal that they cracked. This is definitely not as per his roadmap I am pretty sure about that. If he wanted to create a payment system under his subsidiary then why the bank is involved by taking full charge of the same? Isn’t it is strange. I mean there are platforms like payer, PayPal, UPI systems which work independently but with banks. He could have done that easily!

[coupable]

According to the official message published on the Diem website https://www.diem.com/en-us/updates/stuart-levey-statement-diem-asset-sale /, all assets and intellectual property rights of the project are transferred to the American bank Silvergate.

Obviously, the deal is the completion of attempts for Mark Zuckerberg company to create a payment network Diem, which previously had the name Libra before the rebranding.

I think this was expected because the majority of company partners who joined the project left it before changing it from Libra to Diem. The reasons are still unknown for the community. Also this made another question about the metaverse which will surely need a virtual currency as well. People thought about Diem to be used for maintaining it but now there should be another solutions to find a better alternative .

[bittraffic]

According to the official message published on the Diem website https://www.diem.com/en-us/updates/stuart-levey-statement-diem-asset-sale /, all assets and intellectual property rights of the project are transferred to the American bank Silvergate.

Obviously, the deal is the completion of attempts for Mark Zuckerberg company to create a payment network Diem, which previously had the name Libra before the rebranding.

I think this was expected because the majority of company partners who joined the project left it before changing it from Libra to Diem. The reasons are still unknown for the community. Also this made another question about the metaverse which will surely need a virtual currency as well. People thought about Diem to be used for maintaining it but now there should be another solutions to find a better alternative .

Somebody shouted abandon ship even when theyre not the captain. Whats surprising is that a company bought it. Facebook has no development actually for more than 2 years because of this LibraDiem project. All they did in that 2 years was integrate instagram and nothing else.  

They are up again to try another way which is Meta. But there is also many competing in this category so they are jammed together to compete.

[X-ray]

A good move from the meta company to sold their diem to the another party. It seems like that diem will be running if that will be owned by the bank. We know that so many parties are feeling contradicted with diem as these parties are feeling worry if the major company like meta will be using diem as a way to control the market and do a monopoly to the market. It seems like this a good move and we know that if the meta company share was also going drop a lot. This may become a good news for meta. They can focus with their metaverse project. I do believe if we will see a new diem as it's fully under control by the bank. Can someone tell me how much diem sold to the silvergate bank?

[Coyster]

So technically does that mean that silverware bank will be in total control of the project now? And since it's a bank that definitely works under the jurisdiction of the government, it more or less looks like it's the government that's now in charge of the said project. If that be the case I think all of this must be as a result of some form of pressure, remember the project had one or two problems at the start and as a result it has never taken off since the get go. I know Mark to be a very shrewd business man, thus this decision was what was definitely best for business, at least from his own end.

[tvplus006]

So technically does that mean that silverware bank will be in total control of the project now? ..

Considering the fact that Meta (Facebook) was the owner of only the third part of Diem, then, accordingly, only this part belonging to Meta was sold to the bank. By the way, the value of the transaction, according to Bloomberg, amounted to $200 million.

[Fivestar4everMVP]

I might want to ask how is it possible to sell a project that isn't even launched yet to another company? Except if the company is already legally registered, but then, diem to me was already going to be abandoned anyway, cus the US government would never allow Zuckerberg to launch that project cus of how much the government is likely to loose.
Why then didn't Silverbank just go ahead and start their own project afresh instead of spending such a huge amount of money to acquire a project that they will still need to start afresh?
One thing I understand from this is that, alot of companies have a lot of money that they've lost sense of what's good to do with it.

[el kaka22]

I assume that they just realized metaverse situation and a token would be a lot greater profit for them than whatever Diem could have provided. I still say that if they got the legal rights for something like that then payment between their platforms would have been insane but they probably faced too many legal problems and couldn't do it.

Imagine if facebook, instagram and whatsapp all had a stuff like venmo where people could send each other diem and then they could cash that out on their local exchange? We all know that would have been the most beast thing ever and Diem would have gone to be the first in marketcap if they have done that, would have meant a lot of money in the bank for facebook as well. But there must have been some legal matter that kept them from doing it I suppose.

[crzy]

So technically does that mean that silverware bank will be in total control of the project now? ..

Considering the fact that Meta (Facebook) was the owner of only the third part of Diem, then, accordingly, only this part belonging to Meta was sold to the bank. By the way, the value of the transaction, according to Bloomberg, amounted to $200 million.

Is this also the reason why its stock price continues to drop?
Zuckerberg already lose billions of Money, this might be another loss if ever or Zuckerberg is working on something else. I still hold for Meta to have their own crypto since they even change their name as they continue to believe on Metaverse.

[stomachgrowls]

So technically does that mean that silverware bank will be in total control of the project now? ..

Considering the fact that Meta (Facebook) was the owner of only the third part of Diem, then, accordingly, only this part belonging to Meta was sold to the bank. By the way, the value of the transaction, according to Bloomberg, amounted to $200 million.

Is this also the reason why its stock price continues to drop?
Zuckerberg already lose billions of Money, this might be another loss if ever or Zuckerberg is working on something else. I still hold for Meta to have their own crypto since they even change their name as they continue to believe on Metaverse.

Possible and having that 26% in a day is just way too deep.
https://www.cnbc.com/2022/02/03/facebook-shares-plummet-22percent-after-reporting-weak-guidance.html
https://www.investors.com/news/technology/fb-stock-drops-meta-earnings-miss-estimates/

Im not really that in concern about his actions whether he sold Diem or not, its his rights and decisions after all and its none of our
business on what actions he would make but for sure it would be having that significant impact.

[rhomelmabini]

Seems so news to me and looks like this haven't made headlines when the stocks of Meta was in a downtrend. I wouldn't be surprised is diem will continue from here on out but we don't know if it will remain the same as stable currency or not, interesting stuffs, banks are into it and seems regulators will not pursue it anymore.

[tippytoes]

So technically does that mean that silverware bank will be in total control of the project now? ..

Considering the fact that Meta (Facebook) was the owner of only the third part of Diem, then, accordingly, only this part belonging to Meta was sold to the bank. By the way, the value of the transaction, according to Bloomberg, amounted to $200 million.

Is this also the reason why its stock price continues to drop?
Zuckerberg already lose billions of Money, this might be another loss if ever or Zuckerberg is working on something else. I still hold for Meta to have their own crypto since they even change their name as they continue to believe on Metaverse.

Possible and having that 26% in a day is just way too deep.
https://www.cnbc.com/2022/02/03/facebook-shares-plummet-22percent-after-reporting-weak-guidance.html
https://www.investors.com/news/technology/fb-stock-drops-meta-earnings-miss-estimates/

Im not really that in concern about his actions whether he sold Diem or not, its his rights and decisions after all and its none of our
business on what actions he would make but for sure it would be having that significant impact.

So is FB finally out of the crypto scene? Or just another strategy to get more money and create a new crypto project? I don't think Zuck is stopping his opportunity towards crypto market. I believe he has eye on other crypto-related projects. Because it is hard to believe that he will not join this crypto space considering that he is in the digital market. He may give up the Diem project but I don't think he is stopping from that action.

[7788bitcoin]

Obviously, the deal is the completion of attempts for Mark Zuckerberg company to create a payment network Diem, which previously had the name Libra before the rebranding.

which means Mark Zuckerberg is tired of burning billions to come up with new projects simply because of legal pressures from the government and he is banking too much for his metaverse and from what i heard he is burning a lot of money in that as well and we might see a time when he will sell the entire Facebook empire and go into hiding and living a silent life .

[blockman]

Didn't even launched yet it still got him a portion of his money back. I guess Meta spent more than the sold price to Silvergate. But that's it, no more stable coin that shall add to the competition but I think if Mark did pursue this, history repeats itself.
As we know about the history of Facebook, him and the Winklevoss twins. The twins got GUSD and Diem is another competitor but it's good to see that it's been announced too early. But this doesn't mean Meta won't get a touch of Metaverse, they're still into it.

[pushups44]

As Jack Dorsey of Block and Michael Saylor of Microstrategy have pointed out, Zuckerberg should have focused instead on integrating bitcoin with Facebook to bring the growth of cryptocurrencies to his stagnant platform. If Facebook had instead invested in an already established decentralized cryptocurrency, it would have offered his company some protection from regulatory hurdles, as bitcoin cannot be sued or shut down, though still some hurdles would undoubtedly remain in terms of integrating it.

[cryptoaddictchie]

No wonder why the facebook stocks tanking. People become speculative with this news and thats happened. I think Mark Zuckerberg gone tired of this pressure made by the authority. Cant blame but the action he did totally make this huge turn down on the people who believe it. Anyway, theres more to come I guess.

[Baofeng]

For real? If yes, then it could be actually due to the government made them to do it anyway Facebook made money by selling the project instead of simply closing it but the ban which actually bought can create their own instead of buying an another project.

Thanks for the info man.

Most probably this is the reason for the sell, because they know that it won't take off because the government will stop it at all cause.

So the best way to still make money out of the project is to sell it with the IP and everything associate with it. Still they make money, and then the new owner will have the responsibility now on how to market this one to the public without any government agencies on their neck.

[cryptomaniac_xxx]

No wonder why the facebook stocks tanking. People become speculative with this news and thats happened. I think Mark Zuckerberg gone tired of this pressure made by the authority. Cant blame but the action he did totally make this huge turn down on the people who believe it. Anyway, theres more to come I guess.

Yes, this is the main reason why the stocks are going down because of this news. On the other hand, stock investors are moving to bitcoin market and just look at the price of bitcoin in the last 24 hours, it suddenly went to $41k and above.

So this news really did good things to the market. And wish all the best and goodluck to the buyer of the project Diem. They will definitely need a lot of it.