The bank has also halted its plans to launch a digital currency and has written off the $196 million related to its acquisition of the technology and assets of Diem Association from Facebook parent Meta Platforms (META). Diem, formerly called Libra, was Facebook’s attempt to create a stablecoin, which is a cryptocurrency pegged to the U.S. dollar or other stable asset.
Source: https://www.coindesk.com/business/2023/01/05/silvergate-cuts-40-jobs-writes-off-diem-asset-acquisition/?utm_medium=referral&utm_source=rss&utm_campaign=headlines