Facebook's crypto project Diem sold after pushback

Facebook has sold its digital currency project Diem for RM761.76mil, after years of regulator pushback prevented it from developing. — REUTERS/File Photo

The Facebook-backed digital currency project Diem announced Monday the winding down and US$182mil (RM761.76mil) sale of its technology, capping a years-long initiative that drew significant concern from regulators.

Facebook's announcement in 2019 of plans to design a cryptocurrency and payment system raised immediate red flags for global finance officials, who expressed a barrage of criticism about the security and reliability of a private network.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Tech News

No association between mental health harm and Internet use, says study
Japan space agency hit with cyberattack this summer -media
Fibre optics could be used to help prevent earthquakes
Second-hand shopping a $1-billion-plus business for Amazon in Europe
Apple to end credit card partnership with Goldman Sachs - WSJ
Intuit beats first-quarter estimates on resilient demand for financial products
Hewlett Packard Enterprise beats quarterly profit estimates but forecast falters
Unity Software to cut 3.8% of staff in 'company reset'
OpenAI unlikely to offer board seat to Microsoft, other investors - source
Meta says it will appeal US judge's ruling in privacy fight with FTC

Others Also Read