Mark Zuckerbergs botched cryptocurrency project is reportedly for sale

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Mark Zuckerbergs ambitious plan to build his own cryptocurrency is falling apart, amid growing pressure from regulators. Diem is reportedly in talks now with investment bankers about next steps, including how to sell its intellectual property, in an effort to capture whatever value is left. The project was instantly met with hostility from central bankers and politicians, who feared it might facilitate nefarious activities such as money laundering and privacy infringement, as well as prove a formidable rival to sovereign currencies like the U.S. dollar. In the wake of regulatory backlash, the embattled project pivoted to the concept of launching multiple stablecoins, each of which would be pegged to a fiat currency, plus one multi-currency coin. In November of last year, David Marcus, the head of Metas cryptocurrency efforts announced that he, too, would be leaving.

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