Mark Zuckerberg's controversial crypto project Diem is looking to repay investors by selling its assets, report says
Added 01-26-22 07:14:03am EST - “Diem is in talks with investment banks about how best to sell its intellectual property and cash out any remaining value, the report said.” - Markets.businessinsider.com
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Posted By TheNewsCommenter: From Markets.businessinsider.com: “Mark Zuckerberg's controversial crypto project Diem is looking to repay investors by selling its assets, report says”. Below is an excerpt from the article.
The venture, formerly known as Libra, is now considering a sale of its assets as a way to repay investors, Bloomberg reported Tuesday.
Diem, which was expected to launch a trial last year, is now in talks with investment banks about the best approach to selling its intellectual property and redeeming any remaining value, the report said, citing people familiar with the matter.
It isn't clear how Diem's intellectual property would be valued by potential buyers or the engineers behind the project. Talks are in early stages and there's no guarantee of a buyer, according to Bloomberg.
Diem, an ambitious venture announced by Facebook (now Meta) in 2019, was meant to operate as a digital currency, and be an alternative to the US dollar and other foreign currencies managed by governments.
The original plan was for it to be backed by a wide mixture of currencies and government debt. But because of concerns among regulators that it could upend financial stability and evade user privacy, Facebook said it would launch only as a single coin backed by the dollar.
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