Fintech Holding Company Silvergate Capital Buys Facebook’s Cryptocurrency Venture Diem

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The investment firm Silvergate Capital has acquired Blockchain Payments Network and other intellectual property assets by purchasing Meta Platforms’ digital currency company Diem Association.

Diem said the asset sale was part of its shutdown process.

Meta, formerly Facebook, first unveiled plans for Diem, formerly known as Libra, in June 2019, as part of an effort to expand beyond social networking into e-commerce and global payments.

Policymakers around the world were immediately opposed to Facebook’s digital coin and, in order to gain regulatory approvals, Facebook renamed its digital coin to Diem and scaled back its global ambition to focus on the United States.

According to its statement, Silvergate sold 1.3 million shares of stock to Diem and paid US$50 million (A$71 million) in cash for the assets.

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