/Facebooks cryptocurrency venture to wind down, sell assets – Fox Business

Facebooks cryptocurrency venture to wind down, sell assets – Fox Business


Facebook’s ambitious effort to bring cryptocurrency to the masses has failed.

The Diem Association, the consortium Facebook founded in 2019 to build a futuristic payments network, is winding down and selling its technology to a small California bank that serves bitcoin and blockchain companies for about $200 million, a person familiar with the matter said.

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