Meta Platforms ($FB@US), the new incarnation of Facebook, is winding down a crypto project from its days as Facebook. The Diem project was supposed to be a stablecoin that would have allowed Facebook to enter the crypto market, but it has been met with several setbacks in the past. Most notably, there was quite a lot of resistance from the Federal Reserve, resistance which ultimately dealt the token what reporters are calling “the final blow.” As a result, Meta is selling the project’s technology to Silvergate Capital Corp ($SI@US) for around $200 million. This sale is an effort to get as much money back to investors as possible. This sale is interesting because Silvergate is a portfolio company of Cathie Wood’s Ark Investment Management ($ARKK@US), a firm that has been stockpiling crypto assets recently. Wood’s firm believes that Bitcoin (
$64,502.00 ) can hit $1 million by 2030, and she has been buying up many crypto stocks that would benefit from such an increase in Bitcoin ( $64,502.00 ) ’s value. At press time, Meta Platforms stock was trading at just under $295, gaining more than a percent in overnight trading.
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