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Meta to wind down stablecoin project Diem with $200 million asset sale: report

Californian bank Silvergate Capital has swooped to buy Meta-backed crypto project Diem’s technology assets for $200 million, according to the Wall Street Journal.  The bank had agreed last year to partner with Diem to launch a US stablecoin pegged to the dollar. The offering was meant to be user-friendly, and to revive the project first coined Libra in 2019, when Meta was still called Facebook. The stablecoin never launched, however. Citing people familiar, Bloomberg reported earlier in the week that …

Meta-backed Diem in talks to sell off assets: report

The stablecoin project spearheaded by Meta—formerly known as Facebook—appears to be winding down for good. The Diem Association, formerly known as Libra, is in talks to sell off its assets and return capital to investors, according to Bloomberg. The project’s members include a few dozen of the world’s biggest tech companies and investors, including Uber, a16z, Temasek, Spotify, Coinbase and Ribbit Capital — although it’s unclear which of Diem’s members actually invested in the project. The group has held discussions …

Meta is looking to launch NFT marketplace: Report

Meta, Facebook’s parent company, is reportedly drawing up plans to allow users to create and display NFTs on their profiles along with a prototype feature for minting tokens in the pipeline. The Financial Times reported the news on Thursday, citing “several people familiar with the matter.” The report comes after Meta recently said that its upcoming metaverse product will support NFTs. Last month, Instagram CEO Adam Mosseri also said that the company is looking at ways to bring NFTs to …

Social token platform Rally hires Novi legal exec as Meta’s crypto exodus continues

Social token platform Rally has hired Rob Collier, formerly the head of consumer legal for Meta’s Novi, as its general counsel, the project announced Thursday.  Collier’s hire is the latest in a series of additions to Rally’s executive team. The firm brought on Bremner Morris from Patreon to lead the company as chief executive officer after the exit of Kevin Chou. Chou is working on another project in the digital asset market.  During Collier’s time at Novi head managed a …

A16z invests $36 million in a startup created by four ex-Meta engineers

Investment firm Andreessen Horowitz (a16z) announced Monday that it invested in Mysten Labs, a blockchain and Web3 development company co-founded by four ex-Meta employees. CNBC first reported the investment figure to be $36 million.  The CEO of Mysten Labs is Evan Cheng, former director of research and development (R&D) at Novi — a digital wallet project formed out of the tech company Meta (previously known as Facebook). Joining Cheng at Mysten Labs is Sam Blackshear, former Novi engineer, as CTO; Adeniyi …

Meta made it easier to run crypto-related ads on its platform

Meta, the social media company formerly known as Facebook, changed its requirements for businesses who seek to advertise digital asset-related products.  The firm announced Wednesday that it is increasing the number of acceptable regulatory licenses from three to 27, according to a company release, in addition to publicly listing eligible licenses on their policy page.  Prior to the change, the company required that businesses submit an application including details such as relevant crypto licensure and whether the business was publicly …

Novi lead David Marcus to depart Meta, formerly known as Facebook, at the end of the year

David Marcus, co-creator of the Diem digital currency and current leader of the Novi unit at Meta (formerly known as Facebook), announced Tuesday that he will exit the company at the end of 2021. In a set of tweets, Marcus wrote that “after a fulfilling seven years at Meta, I’ve made the difficult decision to step down and leave the company at the end of this year.” Bloomberg first reported on the departure.  “While there’s still so much to do …