After reports last week that the Diem Association was winding down, the association has confirmed it will sell its Diem Payment Network assets for $200 million.
The Diem Association has read the writing on the wall and called it quits, confirming on Monday it will sell off its Diem Payment Network assets. It explained that the decision was made after it «became clear» that federal regulators would not allow the project to move ahead. In making the announcement, the association said it will sell those assets to Silvergate, a crypto-focused bank it was working with last year to launch a stablecoin pegged to the US dollar, for $200 million. «We remain confident in the potential for a stablecoin operating on a blockchain designed like Diem’s to deliver the benefits that motivated the Diem Association from the beginning. With today’s sale, Silvergate will be well-placed to take this vision forward,» Diem Networks CEO Stuart Levey said.
