Silvergate, the crypto-focused bank that acquired the assets of Facebook’s private digital currency Diem, has written of the $196 million price it paid for the business and laid out plans to shed 40% of its workforce.
Silvergate in February last year confirmed the acquisition of the intellectual property and other technology assets related to running a blockchain-based payment network from Facebook-affiliated Diem Group.
Facebook ditched the digital currency project in 2021 despite unrelenting political and regulatory pressure. Silvergate was Facebook’s original pick for issuing the USD stablecoin. However, the Federal Reserve threatened to ice Silvergate, effectively dealing a final blow to Meta’s ambitions.
