Diem to Sell Assets to Silvergate Capital for $200 Million

Diem, the cryptocurrency venture once defended by Mark Zuckerberg in front of Congress, has agreed to sell its assets to Silvergate Capital Corp. for about $200 million, according to a person familiar with the matter.

The ambitious project to create global, stable digital currencies, which Zuckerberg’s Meta Platforms Inc. launched along with a set of partners in 2019, had unraveled after constant regulatory scrutiny, leading to a search for a buyer, Bloomberg reported this week. The initiative had changed its name and scaled back ambitions. Now, all of the investors in Diem, formerly known as Libra, have been made whole, ...