The company was hoping to build a widely usable “futuristic payments network,” but is instead selling off its underlying technology. Facebook will sell its tech to Silvergate Capital for close to $200 million, and the California bank is expected to issue some form of “stablecoin” in the coming months.
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Silvergate Capital Buys Facebook’s Stablecoin Tech, Plans to Issue Coin
After intense regulatory scrutiny, Facebook is winding down its ambitious Diem Association cryptocurrency project. So reports The Wall Street Journal.
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