Meta’s cryptocurrency project coming to an end
Meta’s, once Facebook, cryptocurrency project Libra has come to end three years after it was announced. Diem Association had been assigned to create a stablecoin backed by real-world currencies for the project. However, Diem CEO Stuart Levey announced it is clear that “the project could not move on” and that Diem is selling its intellectual property and other assets of the project to Silvergate Capital.
The Libra was announced by Facebook in 2019 as a “borderless global currency” backed by a “collection of low-volatility assets like bank deposits and government securities, in currencies from stable and reputable central banks.” The Libra would go together with a Facebook cryptocurrency wallet called Calibra.
The Libra currency project never took off and companies, that initially supported it, backed off and the project is closed in its original form. However, commentators are looking ahead speculation that Meta could get back to currency ideas with its metaverse focus creating a world built on integrating the real world with a virtual one.
Facebook announced its plans for digital currency Libra, meant for e-commerce, in 2019 but the project soon ran into problems with policymakers being worried about security and privacy. The project changed and the stablecoin project was launched with a single-dollar digital coin.
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