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Diem Association

Diem Association was a Switzerland-based association established to facilitate the Diem blockchain-based payment system. The project aimed to support low-cost global payments and stablecoins, but its assets were sold to Silvergate and the Association stated it expected to wind down.

Geneva, CH

Overview

Projects (2)

Description

Diem Association developed and tested the Diem Payment Network, a blockchain-based payments initiative designed to enable open, instant, low-cost money movement and broader access to financial services. Its proposed system included reserve-backed stablecoins, validator-operated blockchain infrastructure, open-source developer tools, and the Move programming language. In January 2022, the Association announced the sale of intellectual property and other assets related to the network to Silvergate, stating that the project could not move ahead and that it and its subsidiaries expected to begin winding down.