It looks more and more likely that Diem, Meta's ill-fated coin, will never come to fruition. The Diem Association is weighing a sale of its assets as a way to return capital to its investors, according to a report.
The report states that the Diem Association is talking to bankers about selling its intellectual property and finding a new home for the engineers that developed the technology.
If a sale were to happen, it would be the final nail in the coffin for Diem, the project that Mark Zuckerberg has championed. Plans to get the stable coin off the ground have been held up for years. Several high-profile partners pulled out in 2019.
Facebook started a small pilot of a new wallet. It was a sign that Diem's future was uncertain that the Pax Dollar was used to launch Novi. David Marcus said at the time that Facebook remained committed to Diem. Marcus left Facebook a month later.
A representative for the Diem Association said that the reporting contained factual errors, but declined to elaborate.
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