Wednesday, May 12, 2021

Remember Facebook's Zuck Buck (AKA Libra)? It Appears To Be Moving Toward Launch


Silvergate Bank To Issue Facebook-Backed Diem’s Stablecoin

The Diem Association, a nonprofit with strong ties to Facebook, has moved its main operations to the United States from Switzerland, according to a press release.

Diem, which grew from Facebook’s controversial Libra digital currency effort and is run by 26 members, also said in the release that a wholly owned subsidiary, Diem Networks U.S., and Silvergate Capital Corp., have entered into an arrangement through which Silvergate Bank will exclusively issue the Diem U.S. dollar-denominated stablecoin.

Stablecoins are cryptocoins whose value is pegged to an asset other than the coin itself, often a fiat currency such as the U.S. dollar whose value remains relatively constant, or an asset such as gold.

Diem Networks U.S. will run the Diem Payment Network, according to the release. The network handles the transfer of Diem stablecoins....


The Financial Times were keeping tabs on progress.

It's That Kaminska Woman (+J. Kelly) "Facebook Disputes FT’s Claim that Libra is ‘Not a Proper Blockchain’" (FB)

While I was looking for memes:  

"Report: Facebook will launch “GlobalCoin” cryptocurrency in 2020" (FB) 

 Libra Cryptocurrency: "And That's Why I Trust Facebook With My Money"