Sources noted that the union is looking for a “new home for the engineers who developed the technology”, as well as a buyer for the intellectual property created as part of the project – although it is not clear what intellectual property it is, given the fact that it is not known if the project was created.
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The ambitious project was announced by Mark Zuckerberg in 2019 under the name Libra. The intention was to create a stable cryptocurrency that would be used by Internet users to transfer money between them at a zero commission, as well as to convert other currencies into cryptocurrencies for investment in the market. The announcement provoked so much criticism and so urgent that within a few days most of the companies that signed a partnership in the project withdrew and it disbanded. However, Zuckerberg did not give up and ordered the union to continue operating, and changed its name to Diem. Almost a year ago, the organization announced a partnership with a major bank to launch a currency – but the US regulator refused to commit to allowing the currency to operate legally, and the launch was canceled. Last fall, Facebook launched a crypto wallet called Novi, but due to threats from the US regulator It was allowed to support its own currency, and instead used an existing currency called the “dollar packs”. Shortly after the launch, David Marcus, who was in charge of the company’s crypto project, left.