Diem was 'a waste of time and effort' for Facebook, Jack Dorsey says 👀 The ex-Twitter CEO claims the social network should have spent the past three years focusing on Bitcoin instead 😬
Dorsey's criticism comes after it was confirmed that the Diem Association is selling its intellectual property to Silvergate — reportedly forOriginally known as Libra when it launched in 2019, Diem was designed to be a digital currency that could be used across Facebook's suite of services, which also include Instagram and WhatsApp.
Instead, Meta is pushing ahead with the development of the Novi digital wallet — and a different digital asset is being used to facilitate payments, the Paxos Dollar. Trials are currently taking place for a limited number of users in the U.S. and Guatemala, including on WhatsApp. The association's CEO, Stuart Levey, said the project had aimed to comply with regulators by prohibiting anonymous sanctions — and even claimed that a senior regulator had described Diem as "the best-designed stablecoin project the U.S. government had seen." Levey added:
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