The Dream is Over

Humans’ ability to understand the picture around them is definitely one of the most valuable skills in their toolbox. This skill has, so far, guided us towards some unimaginable heights. You see, being able to read the room with perfection opens up all sorts of possibilities for you, and that can eventually translate into many things, but more importantly, it can translate to your individual growth. From a real world standpoint, we saw the biggest example in the said regard once technology arrived. As we know, technology’s capabilities weren’t always so well understood. However, when the domino began to fall, more and more people realized what kind of prospect they had on their hands. The realization, in turn, cut open many new avenues for us. Now, while most technology-related ideas proved to be transformational beyond all expectations, we must acknowledge that it did not happen on every single occasion. In fact, if we look at a concept like cryptocurrency, we’ll even see some serious controversy around the block. Since introducing itself to the world, cryptocurrency has ruffled a lot of feathers. However, the concept’s potential remains undeterred by the noise, and as a result, we are now witnessing the crypto craze ascend rather swiftly. Facebook also wanted to be a part of this party, but it seems like that dream will never get fulfilled.

Facebook-backed Diem Association has officially revealed it is prepared to dissolve and sell its entire asset portfolio. As per certain reports, Silvergate Capital Corporation has already agreed a deal worth $182 million with the association. Diem cited incessant regulatory struggles as the biggest reason behind such a bold call, and now that you think about the whole story, one could’ve seen it coming from a long distance. In the last two and a half years, regulators, lawmakers, and other watchdogs have taken turns on questioning Facebook over its crypto project. Even though many thought the suspicions on their part would cool down a little with time, it really didn’t pan out that way. Instead, the scrutiny on what was originally Libra Association further increased, triggering exits for partners like Visa, Mastercard, and Paypal. Promises to conform to anti-money laundering and Know Your Customer laws, along with rebranding the project, were also not enough to ease concerns regarding the new currency possibly fuelling economic volatility and cybercrime in general. Hence, after a laboriously lengthy battle, Diem Association and Facebook have finally conceded defeat.

“We gave our whole hearts, blood, sweat and tears to what I will always call Libra, We were mission driven and in it for the right reasons (that remain as valid today as they were then). Here’s to yet another chapter with a maybe more ‘acceptable’ promoter driving the vision forward,” said David Marcus, former leader of Libra project.

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