Meta, which used to operate under the name Facebook, has officially terminated the crypto money project that it has been working on for two years. Originally called Libra but later renamed diem The project, which is a cryptocurrency bank with its current assets and intellectual property, Silvergate Capital’a sold.
Funded personally by Facebook (Meta) founder Mark Zuckerberg before being sold Diem’Criticism came from Jack Dorsey, the former CEO of e Twitter. Dorsey quit his Twitter post in November to focus on financial services and digital payments company Block. that the cryptocurrency project failed expressed.
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“Diem cryptocurrency project was a waste of time”
MicroStrategy CEO Michael Saylor hosted Jack Dorsey on Tuesday’s ‘Bitcoin for Corporations 2022’ broadcast. Interviewing Dorsey about how companies can integrate and use Bitcoin, Saylor told the famous entrepreneur. Meta’s Diem project He asked his opinion about it.
Jack Dorsey to make Meta’s own cryptocurrency the right reasons He stated that he has made a mistake by not using an open protocol like Bitcoin. Diem project “waste of time” Commenting on the Twitter founder, Meta spent time for this cryptocurrency. Evaluation of BTC to make it more accessible stressed the need.
Dorsey added that making BTC more accessible would benefit many of Meta’s products, particularly Facebook Messenger, Instagram and WhatsApp. Noting that Meta has a lot of lessons to be learned from the Diem experience, Dorsey said, “I hope they learned a lot. But I think a lot of effort and time wasted.”
Meta formally transferred Diem’s intellectual property and all existing assets to Silvergate Capital Corporation on January 31, 2022. It will sell for $182 million had announced. When the date showed February 1, the crypto money was officially out of the hands of Meta. The company is currently showing interest in NFT technology. NFT support is expected to come to Instagram and Facebook soon.
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