Facebook’s embattled cryptocurrency project is likely coming to an end

Illustration by William Joel / The Verge

More than two years after it was first announced, the Facebook-sponsored cryptocurrency formerly known as Libra appears to be coming to an end. The Diem Association set up by Facebook to manage the digital token is exploring a sale of its assets after meeting resistance by regulators who opposed the initiative, according to a new report by Bloomberg.

The U.S. Federal Reserve “dealt the effort a final blow” by putting pressure on Silvergate, the banking partner that Diem said it was partnering with last year to launch the token, Bloomberg reports. I’ve also heard from someone involved that the Fed threatened Silvergate, putting the launch on ice.

A Diem Association spokesperson, Michael Crittenden, told The Verge that Bloomberg’s story…

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Author: Alex Heath