--- title: "Facebook Is Reportedly Trying to Sell Off Its Botched Cryptocurrency" description: "Facebook-now-known-as-Meta is attempting to sell off its ill-fated cryptocurrency project the Diem Initiative, according to Bloomberg." date: "2022-01-27" modified: "2022-01-27" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/facebook-reportedly-selling-cryptocurrency" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "cryptocurrencies" - "facebook" - "Meta" - "the digest" --- # Facebook Is Reportedly Trying to Sell Off Its Botched Cryptocurrency ![Facebook-now-known-as-Meta is attempting to sell off its ill-fated cryptocurrency project the Diem Initiative, according to Bloomberg.]() *\Image: Diem/Futurism\* ## Cashing Out Social giant [Facebook-now-known-as-Meta]() is attempting to sell off its ill-fated cryptocurrency project Diem, [*Bloomberg* reports]() — the end of the road, seemingly, for the social media giant's efforts to cash in on blockchain. According to *Bloomberg*'s sources, the Diem Association, formerly known as Libra, is trying to figure out ways to return money to its investors and perhaps find a new home. ## Per Diem Facebook made a huge splash in 2019 when it [announced Libra](), a "stable digital cryptocurrency" meant to revolutionize global financial technologies. Even the likes of Uber, Spotify, PayPal, Visa, and Mastercard were on board, signing on as corporate partners with a $10 million stake each. But the ambitious venture [imploded]() after facing [fierce backlash]() from US regulators and even governments around the world. First, high-profile backers [started to jump ship](). Then in October 2019, Facebook CEO Mark Zuckerberg [got grilled]() in front of Congress for what they called a blatant attempt to circumvent regulatory approvals. By April 2020, Libra was [scaled back significantly]() to a shadow of what it once was. Last year, the US Federal Reserve buried any chances of Diem — Libra's [newly adopted name]() — taking off after striking down a [potential deal]() with holdings company Silvergate Capital, according to *Bloomberg*. The initiative kept looking for issuers of what had since turned into a US dollar-backed stablecoin. Government officials, however, were still unhappy with the plans, warning that regulators may never give it the greenlight, *Bloomberg* reports. According to the outlet, Meta still owns a third of the Diem Association, but the venture's future is still looking grim, given its sheer unpopularity. **READ MORE:** [Mark Zuckerberg’s Stablecoin Ambitions Unravel With Diem Sale Talks]() \[*Bloomberg*\] **More on Libra:** *[Facebook's Cryptocurrency is Collapsing in Front of Our Eyes]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()