Meta (Facebook) abandons its digital currency project by selling Diem to Silvergate

(AOF) – Silvergate Capital Corporation has announced that it has acquired the intellectual property and other technology assets related to the operation of a blockchain-based payment network from Diem Group (ex-Libra). Under the terms of the agreement signed with Meta, Facebook’s parent company, Silvergate issued 1.22 million shares of Class A common stock to Diem and paid $50 million in cash. Based on the January 31, 2022 closing price, the total consideration value was $182 million.

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