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Meta-Backed Diem Association Confirms Asset Sale to Silvergate

  • Silvergate has acquired intellectual property, payment network
  • The association blamed federal regulators for its need to sell
Meta Platforms headquarters in Menlo Park, California.

Meta Platforms headquarters in Menlo Park, California.

Photographer: Nick Otto/Bloomberg

The cryptocurrency project that Facebook founder Mark Zuckerberg took a beating from Congress on is officially over. The Diem Association has sold its intellectual property and other assets related to its payment network to Silvergate Capital Corp.

The effort, which was started by Facebook -- now Meta Platforms Inc. -- as a way to make payments and money transfers cheaper and faster, never got off the ground due to resistance from federal regulators, the association said in the statement. With the sale, the association will wind down, the statement said.