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Silvergate Stock Soars on Deal to Buy Blockchain Assets From Facebook’s Diem
Silvergate Capital shares surged in premarket trading Tuesday after announcing it was buying certain assets related to running a blockchain-based payment network from Diem Group, the Facebook-backed cryptocurrency project that is winding down. The assets acquired by Silvergate (ticker: SI), the company said in a statement, include development, deployment and operations infrastructure and tools for running the network. Under the agreement, Silvergate said it issued more than 1.22 million Class A common shares to Diem and paid $50 million in cash, for a total consideration of $182 million.
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