Mark Zuckerberg's Crypto Project 'Diem' Derailed Again

Public on: 02-Feb-2022 Views 1048

Mark Zuckerberg's Crypto Project 'Diem' Derailed Again

Mark Zuckerberg's cryptocurrency project, "Diem", seems to be on its way after being under intense pressure from regulators. This is the second time Mark Zuckerberg's bitcoin project seems to have gone off track It has been a long time since Diem was introduced in 2019 by Facebook and how it was meant to work as an alternative currency for the US Dollar.

The main reason behind putting Diem's assets on the sale was to repay every single investor in this project and maintain the reputation as it was backed by Meta Platforms Inc.

The project which was firstly called as Libra, found the best way to repay the investors, but the evaluation process is still not known.

The managing committee of Diem is getting into contact with investment banks to carry on with their sale in the most profitable manner. If investment banks are not interested in buying the assets of Diem, since there is no specified buyer of these assets, then things can be a bit challenging for the managing committee of the Diem project.

The reasons behind such conditions are that this coin was launched without any confirmations with the regulatory committee, and all this has resulted in the sail of Diem's assets.

While Meta’s ties to Diem are almost over now, there’s always some hope that Silvergate or another player revives the project. Even though Meta’s reputation ultimately sank it, the design of Diem was more transparent and regulator-friendly than a lot of existing stablecoins which have been existed till now.

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