From CNET: Meta CEO Mark Zuckerberg is reportedly pulling the plug on Diem, the social network's yet-to-launch cryptocurrency, as regulatory resistance to the digital money mounts.
The Diem Association, which oversees the digital currency, is considering liquidating its assets in order to return capital to investors, according to Bloomberg. Negotiations are reportedly still in the preliminary stages, with the association discussing how to sell its intellectual property and find new homes for the engineers who developed Diem.
Meta, which until recently was known as Facebook, owns about a third of the project, according to Bloomberg's unnamed sources, with the remainder in the hands of a variety of investors including Uber, Shopify and Union Square Ventures.
A Diem spokesperson declined to comment on the reported sale. Meta didn't respond to a request for comment.
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