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Zuckerberg’s Crypto Initiative Diem to Sell Assets to Silvergate Capital for $200 Million

Mark Zuckerberg speaks remotely during a Senate Judiciary Committee hearing in 2020.

Mark Zuckerberg speaks remotely during a Senate Judiciary Committee hearing in 2020.

Photographer: Bill Clark/CQ Roll Call/Bloomberg

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Diem, the cryptocurrency venture once defended by Mark Zuckerberg in front of Congress, has agreed to sell its assets to Silvergate Capital Corp. for about $200 million, according to a person familiar with the matter.

The ambitious project to create global, stable digital currencies, which Zuckerberg’s Meta Platforms Inc. launched along with a set of partners in 2019, had unraveled after constant regulatory scrutiny, leading to a search for a buyer, Bloomberg reported this week. The initiative had changed its name and scaled back ambitions. Now, all of the investors in Diem, formerly known as Libra, have been made whole, according to a person familiar with the matter. The Wall Street Journal earlier reported the sale.