Diem is reportedly in talks now with investment bankers about next steps, including how to sell its intellectual property, in an effort to capture whatever value is left. Sources speaking to Bloomberg say that the company is also trying to find a new destination for the engineers who developed this technology.
One of the people speaking to Bloomberg under condition of anonymity says that Meta owns about a third of the venture, and the remainder is owned by association members, such as Andreessen Horowitz, Union Square Ventures, and Ribbit Capital. The project was instantly met with hostility from central bankers and politicians, who feared it might facilitate nefarious activities such as money laundering and privacy infringement, as well as prove a formidable rival to sovereign currencies like the U.S. dollar. In the wake of regulatory backlash,to the concept of launching multiple stablecoins, each of which would be pegged to a fiat currency, plus one multi-currency coin.
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