The diem buyer wants to launch his own cryptocurrency

Silvergate Capital, a banking company with digital asset interests and a diem partner, has confirmed to CNBC that it intends to launch a stablecoin later this year. In an announcement posted on its website, the Diem Foundation, essentially Meta and its project partners, "announced the sale of its intellectual property and other assets related to the management of the diem payment network" to Silvergate. Silvergate confirmed the deal, and its CEO Alan Lane appeared delighted with the deal. Lane said: "We were working with Diem last year and got to know the team very well, and we couldn't be more excited to take the reins and bring a stablecoin to market, hopefully by the end of the year." . Lane called the Meta / Facebook engineers who had developed Diem "over the past two years" a group of "truly world-class engineers". And the head of Silvergate said the Diem project, under its new guise and leadership, could finally do what stablecoin issuers had hoped to do since the inception of tokens: find a niche in the world of payments. Until recently, stablecoins were primarily used as a gateway for cryptocurrency trading.

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