Mark Zuckerberg’s defunct cryptocurrency plan, Diem, is reportedly up for sale.
The Diem Association is considering selling Diem in order to return capital to its investors.
Diem is in talks with investment bankers about next steps, including how to sell its intellectual property, in an effort to capture whatever value is left.
CNBC, quoting Bloomberg, reports that Diem is also trying to find a new destination for the engineers who developed this technology.
Discussions are apparently still in early stages, and there is no guarantee that Diem will find a buyer.
Diem was first announced in 2019. At the time, the cryptocurrency was called Libra, and it was initially conceived of as a stablecoin, which is a specific subset of cryptocurrencies that have a value pegged to a real-world asset, such as a fiat currency like the U.S. dollar or a commodity like gold.
The vision for the cryptocurrency was slimmed down to a U.S. dollar-backed stablecoin known as Diem USD.