Meta (formerly Facebook) has suffered a major setback. Facebook is going to sell its stable queen project Diem Association. Silvergate Bank has announced that it is going to buy its assets from Diem. Facebook first launched it in 2019 under the name of Libra. The Diem Association said in a statement that it is going to start selling to its group and its subsidiaries in the near future. 

Silvergate has informed in a press release that it is acquiring Diem's development. Along with which it will also take its deployment and operation tools so that the blockchain-based payment network can be run even further. Not only that, Diem's work has also been called the pre-launch phase. Since the first launch  of Diem in 2019, Diem has been constantly shocked by the regulator. Reports say Diem has been focusing on selling its assets since last week. 

Diem said in a statement that according to a senior regulator, it is a best design stable coin project that the US government has seen. But, he  has said that it is clear from the group conversation that the federal regulator cannot launch  Diem. Silvergate said it has released $132 million for a Class A Common share. After which it is also giving $50 million in additional cash to take its assets. Prior to this, Silvergate has also attempted to launch a dollar-baked stablevoin by partnering with Diem Association last year. 

Silvergate is  now going to manage the reserves of StableCoin as well as release StableCoin itself, where it is learnt that Meta has already introduced Calibra (now Novi) as the Global Financial Service in 2019. At that time, investors also supported it from its cryptocurrency Libra (now Diem).

At that time, the company had said that Calibra's first product is going to be a digital wallet for Libra. In addition to Messenger, WhatsApp, different apps are going to be available in 2020. However, the idea was not liked by the regulators. After which the company introduced a simpler version in the form of Diem, which is also being supported by US dollars.

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