Which crypto coin connect to facebook platforms and have projects together
9/5/2024 09:47am
Diem (formerly known as Libra) was a permissioned blockchain-based stablecoin payment system proposed by Facebook. The project was initially called "GlobalCoin" and was planned to be a single global currency backed by a reserve of fiat currencies, including the US dollar. However, after facing significant regulatory challenges and internal rebranding, the project was restructured and renamed to Diem. The Diem Association, a membership organization including various companies from the payment, technology, telecommunication, online marketplace, and venture capital sectors, managed the project. Despite the challenges, the Diem project had plans to create a simple, low-fee medium of exchange worldwide and was intended to empower billions of people with a financial infrastructure that "enables people to send and receive money without the need for a traditional bank". However, the project was ultimately abandoned, and its assets were sold to Silvergate Capital.
Facebook has also developed a digital wallet called Novi, which is designed to facilitate the use of cryptocurrencies and is currently being tested in the U.S. with select users. Novi is led by David Marcus, who is also the vice president of financial services at Facebook. Additionally, Facebook has invested in various blockchain and cryptocurrency projects, including the stablecoin project Circle, which is backed by the US dollar and other major currencies.