The Diem Association may be looking to sell its assets and forego the idea of creating a cryptocurrency of its own. The association, which was coined as the Libra Association originally, but later went on to change its name, hit pause on its crypto plans amid retreating support from investors in 2019 and 2020.
The company behind it, Facebook, has also evolved and changed its name to Meta, which coincided with the newly-announced plans of building a metaverse. Now, Meta wants to find a way to liquidate the Diem assets in a way that would allow it to return capital to its investor members, which includes venture capitalists, financial firms, and a few aid organizations.
Even though there has been no official confirmation on the matter, a sale of the Diem Association would probably mean that Meta is no longer looking to establish a cryptocurrency of its own, although that does not include harnessing the power of the blockchain for its metaverse venture.
Libra, the original crypto coin name, was first revealed in 2019 and was designed as a stablecoin, a type of cryptocurrency that had its value pegged to that of FIAT currencies and was therefore resistant to sudden crypto market swings.
However, regulators and legislators took interest in Libra, which many argue, was its downfall. With the regulatory scrutiny mounting, the list of backers thinned, until even eBay, MasterCard, Visa, and PayPal all dropped out of the project and retreated their backing within a week of each other.
This effectively saw the project’s end. Most of the payments companies went on to pursue crypto ambitions of their own. PayPal enabled crypto payments to make up for the loss of momentum. Diem eventually lost David Marcus who was supposed to engineer the launch. Following that, the association never recovered.
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