Description
The Diem Association announced the sale of its intellectual property and other assets related to the running of the Diem Payment Network to Silvergate Capital Corporation. The project was focused on leveraging blockchain technology to design a better and more inclusive payment system, building and testing a blockchain-based payment system with industry-leading controls to protect consumers and combat financial crime. The Diem Blockchain is a distributed, programmable database designed to serve as a foundation for financial services, including a new global payment system, and Move is a safe and flexible programming language for the Diem Blockchain. Despite receiving positive feedback on the network's design, dialogue with federal regulators made it clear the project could not proceed, leading to the asset sale. The Diem Association is now in the process of winding down.