Meta’s stablecoin project, Diem now sold – is it a lost cause or a new beginning?

ambcrypto.com:

As the regulatory hurdles were getting worse for Meta-backed Diem, Facebook-parent has now abandoned the project for good, as per a recent statement. And, Silvergate Capital has come in to acquire the asset and the intellectual property rights for the cryptocurrency project.

It is worth noting that the company also operates the crypto-payments platform Silvergate Exchange Network. With names like Coinbase Global and Gemini reportedly part of the Silvergate Exchange Network.

Meanwhile, as the bank holding company confirms the acquisition of the blockchain-based payment network, a stablecoin project might be in the works.

Silvergate Capital CEO Alan Lane told CNBC they hope to launch one by the end of 2022. He stated,

“We were working last year with Diem and we got to know the team very well, and we couldn’t be more excited to, essentially, be taking the reigns and bringing a stablecoin to market hopefully later this year.”

Further adding that the potential to use blockchain technology for payments and remittance is immense.

What we know is Silvergate can further harness the development, deployment, and operations infrastructure and tools, that it is purchased, for running a blockchain-based payment network. Lane also explained,

“Through conversations with our customers, we identified a need for a U.S. dollar-backed stablecoin that is regulated and highly scalable to further enable them to move money without barriers. As previously stated on our Q4 2021 earnings call, it remains our intention to satisfy that need by launching a stablecoin in 2022, enabled by the assets we acquired today and our existing technology.”

We can recall that Facebook was originally behind the Libra project launched in 2019. But, the stablecoin project