Meta’s experiment with cryptocurrency, Diem, is shutting down.
The Diem Association, which runs the project, announced the sale of assets of the cryptocurrency venture to Slivergate Capital Corporation for $182million.
Launched as Libra in 2019, the project quickly ran into opposition from policy-makers.
The association said it became clear from “dialogue with federal regulators” that the project could not move ahead.
“As a result, the best path forward was to sell the Diem Group’s assets, as we have done today to Silvergate,” Diem chief executive Stuart Levey wrote.