The Diem Association (formerly known as Libra) is reportedly exploring ways to sell its assets.
The Diem Association – a cryptocurrency initiative backed by Meta – is reportedly considering the sale of its assets to return capital to its investors. The project is also in discussions with investment bankers about how best to sell its intellectual property and help the developers find new places to work.During its relatively short time of existence, Diem has sparked some controversy.
The initiative was a rather complicated one, and to have a better chance of success, Meta partnered with dozens of other companies. The alliance, though, was not strong enough to protect the project from regulatory scrutiny. While some of the partners abandoned the collaboration, Mark Zuckerberg defended the idea behind Libra at a Congressional hearing. Despite this support, the project remained an issue for the watchdogs. As a result, itby Bloomberg, the Diem Association is seeking to sell its assets to return funds to its investors. Meta owns about a third of the venture, while other prominent association members include Andreessen Horowitz, Ribbit Capital, Union Square Ventures, and Temasek Holdings Pte.
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