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Libra / Diem

avoid.net/libra-diem→25/100·88% conf.
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anchored·2X7UGo…ND4p

Summary

Libra was a proposed global cryptocurrency announced by Facebook (now Meta) on June 18, 2019, initially designed as a multi-currency-backed stablecoin governed by an independent consortium called the Libra Association. The project faced immediate and sustained opposition from U.S. and international regulators, lost the majority of its founding payment-industry partners within months of announcement, underwent significant structural changes and a rebrand to Diem in December 2020, and ultimately shut down in January 2022 when the Diem Association sold its intellectual property and technology assets to Silvergate Capital Corporation for approximately $182 million. The acquired assets were subsequently written down to near zero when Silvergate itself collapsed in March 2023.

Connected Entities

2 entities · 60 linked investigations
Organizations
□Libra / Diem
Tokens
♦Coinbase62
Relationships
  • Libra / Diem→mentioned with→Coinbase(65%)
Also appears in
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Connected Through

2 shared actors · 234 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Libra / Diem?

Timeline(17 events)

18 June 2019

Facebook announces the Libra cryptocurrency project and publishes a whitepaper describing a multi-currency-backed stablecoin governed by the Libra Association, a Geneva-based nonprofit consortium. Calibra subsidiary announced as wallet provider.

PYMNTS.com — A Brief History Of Libra

16 July 2019

David Marcus, head of Calibra, testifies before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Senators express deep skepticism and distrust of Facebook's ability to steward a global currency.

Senate Banking Committee — Marcus Testimony

17 July 2019

David Marcus testifies before the House Financial Services Committee. Chair Maxine Waters calls for a halt to Libra development.

CNBC

4 October 2019

PayPal becomes the first major founding member to withdraw from the Libra Association, citing regulatory uncertainty.

CNBC

11 October 2019

Visa, Mastercard, eBay, Stripe, and Mercado Pago announce withdrawals from the Libra Association, less than a week before the formal charter signing ceremony.

CNBC

14 October 2019

Libra Association holds its first formal council meeting and charter signing in Geneva with remaining members.

FinTech Futures

23 October 2019

Facebook CEO Mark Zuckerberg testifies before the House Financial Services Committee on Libra and other topics for approximately six hours. Lawmakers from both parties express continued concern.

House Financial Services Committee — Zuckerberg Testimony

21 January 2020

Vodafone withdraws from the Libra Association.

The Rise and Fall of Facebook's Libra Cryptocurrency — HulkApps

16 April 2020

Libra Association publishes whitepaper version 2.0, replacing the multi-currency basket design with individual single-currency stablecoins and formally applies for a payment system licence from FINMA in Switzerland.

FINMA — Libra Association Licensing Process

December 2020

The Libra Association rebrands as the Diem Association; the currency is renamed Diem. Facebook's Calibra wallet was already renamed Novi earlier in 2020.

CNBC

October 2021

Facebook launches a limited pilot of the Novi wallet in the U.S. and Guatemala using the Paxos Dollar (USDP) instead of Diem, as Diem had not received regulatory approval.

Banking Dive

27 January 2022

Reports surface that the Diem Association is in discussions to sell its assets after U.S. federal regulators made clear the project would not receive approval to launch.

TechCrunch

31 January 2022

Diem Association announces the sale of its intellectual property and technology assets to Silvergate Capital Corporation for approximately $182 million ($50 million cash plus approximately 1.2 million Silvergate Class A shares). The Association announces it will wind down operations.

CoinDesk

February 2022

The formal dissolution of the Diem Association is reported. Meta confirms the Novi wallet will also be shut down.

CNN Business

July 2022

Meta shuts down the Novi digital wallet, approximately ten months after its limited pilot launch.

FXStreet — Meta signals closure of Novi wallet

2023

Silvergate Capital takes a $196 million impairment charge on the Diem intellectual property acquired in January 2022, writing down the assets to near-zero value and abandoning plans to launch its own stablecoin using the technology.

Decrypt

8 March 2023

Silvergate Bank announces voluntary liquidation and wind-down, following a bank run triggered by its exposure to FTX and crypto-sector withdrawals. The Diem technology assets acquired for $182 million are rendered worthless.

Protos — A comprehensive timeline of Silvergate's downfall
Provenance & Audit Trail
Anchored on SolanaVerify on-chain22 Wayback Archives

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (3 events). 22 of 22 cited source URLs have an Internet Archive snapshot.

full audit log →version history →

model: claude-sonnet-4-6

generated: 8/11/2026, 12:18:48 PM

last updated: 8/25/2026, 6:57:11 PM

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