TL;DR Breakdown
• Zuckerberg’s cryptocurrency could refund money to merchants.
• Mark Zuckerberg faces various regulations with his Diem cryptocurrency.
The ambitious crypto project of entrepreneur Mark Zuckerberg, CEO of Facebook, appears to be on the wane as crypto regulations tighten. The Diem company, which manages the crypto “Diem,” has thought about reimbursing the capital to the investors. Zuckerberg could be in the local media, not because of his advances in the technological field, but because of his failed attempt to build the best cryptocurrency.
The Facebook creator has wanted to get involved in the cryptocurrency market since 2019. However, his support team has been unsuccessful in recent crypto projects.
Mark Zuckerberg’s Diem could shut down
Diem, an ambitious crypto plan launched in 2019 by Mark Zuckerberg, seems to have its final days. The company that manages it has considered refunding the money to its investor. The crypto company will seek to sell its intellectual property in the coming weeks. But the technology agency is thinking of migrating its programmers to other locations to continue with other developments.
Diem is in the early stages of negotiations that would define the cryptocurrency future. However, cryptocurrency experts believe this total sale of the token has no guarantees. Even if the intellectual property is sold, Diem will not recover his capital invested in the project.
A source close to Mark Zuckerberg, who remains anonymous, confessed that the “Meta,” a virtual universe in development, owns a part of the Diem company. The remaining percentage belongs to companies such as Ribbit Capital, Union Square, and Andreessen Howoritz. This crypto plan has suffered since 2019 after Zuckerberg formally announced it.
Diem Vs. US government
Mark Zuckerberg has devoted himself to various crypto projects for over two years, including Diem. The cryptocurrency was officially launched in June 2019 under the name “Libra,” which would correspond to a stablecoin. However, since the crypto was announced, it has not had a smooth development due to regulators. harassing it.
Mark Zuckerberg’s crypto plan has been in the sight of US politics and the main national banks that brand it as a door for money laundering. After this non-stop fight, Zuckerberg changed Libra to Diem and presented it as a multi-currency that would be pegged to the US dollar, but he was unsuccessful.
Eventually, Diem went into a tailspin where the associated companies left one by one. 2021 was not great for Diem and Zuckerberg’s plans, even though he caused a big boom with the Metaverse announcement.
Diem could be delisted in the coming weeks following the sale of its surplus capital. Crypto trading platforms like CoinMarketCap show Diem as an untracked cryptocurrency.
Source: https://www.cryptopolitan.com/mark-zuckerberg-selling-his-crypto-project/