Facebook-sponsored cryptocurrency ‘Libra’ appears to end

The Facebook-sponsored cryptocurrency formerly known as Libra looks to be coming to an end, more than two years after it was initially launched. According to a recent official blog post, the Diem Association, which was created by Facebook to administer the digital token, is considering selling its assets after encountering regulatory opposition. 

The Federal Reserve of the United States “dealt the project a last blow” by placing pressure on Silvergate, Diem’s banking partner for the token launch last year. 

Facebook had previously launched Libra, a cryptocurrency that allowed users to buy things and send money to others for almost no cost. You’ll purchase or cash out your Libra anonymously online or at local exchange sites like grocery shops, and spend it with third-party wallet applications or Facebook’s own Calibra wallet, which will be integrated into WhatsApp, Messenger, and its own app. 

People wouldn’t trust Facebook to completely control the cryptocurrency they use, so it needed aid to encourage adoption. As a result, the social media platform enlisted the help of the Libra Association, a non-profit that controls the creation of the currency, the reserve of real-world assets that gives it worth, and the blockchain’s governance regulations.  

If Diem is indeed selling its assets, it could be a sign that the cryptocurrency is stuck. Libra was supposed to be a digital token backed by a basket of global currencies at first, but authorities swiftly put a stop to that. 

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Nayab Khan

Nayab Khan is a freelance tech-writer whose specialty is absorbing the key data and articulating the most important points. She helps IT based organizations communicate their message clearly across multiple channels.

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