Has Facebook Quietly Abandoned Its Cryptocurrency Project?

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Back in 2019, before COVID and all, Mark Zuckerberg had the idea of creating one coin to rule them all and told classic finance that Facebook was preparing a stablecoin called Libra to serve it’s 2 billion customers. Classic finance almost had a heart attack and quickly bonded together to tell Zuckerberg that this was one step too far.

Having been told that he could not launch his favorite Libra project and being threatened with antitrust lawsuit that could break up his own company, Zuckerberg rebranded his stablecoin into Diem and launched a press release in the fall of 2020 claiming that Facebook’s coin would be launched in January 2021.

Diem launch date?

Three months later, the Vice-President that was supposed to lead all of it has run off to another fintech company and the market starts to openly wonder: has Facebook abandoned its crypto project altogether?

Dante Disparte, who previously was assigned as Executive VP for policy and communication efforts for Facebook’s crypto projects, was welcomed by crypto payments company Circle, where he will take over the role as Chief Strategy Officer and head of global policy.

Dante brings decades of experience working on complex global financial and risk issues, and most recently served as executive vice president at Diem Association, spearheading engagement and communications with government and financial industry leaders around the world on the issues and opportunities presented by stablecoins and digital currency.

Circle CEO Jeremy Allaire, declared.

Not a peep from Facebook on the launch date for Diem though. Guess Zuck forgot to check how many politicians he would need to make all those regulatory threats go away.