In 2021, the crypto bank Silvergate Capital (NYSE: SI) announced a blockbuster partnership with Meta Platforms (formerly Facebook) to become the exclusive issuer of the social media giant's planned U.S. dollar-backed stablecoin, Diem. Stablecoins are digital assets pegged to a currency or commodity. Now, however, Silvergate has announced that it plans to acquire the technology assets of Diem for $182 million in a cash-stock deal, with plans to integrate the technology into Silvergate's existing platform. Read More...
In 2021, the crypto bank Silvergate Capital (NYSE: SI) announced a blockbuster partnership with Meta Platforms (formerly Facebook) to become the exclusive issuer of the social media giant’s planned U.S. dollar-backed stablecoin, Diem. Stablecoins are digital assets pegged to a currency or commodity. Now, however, Silvergate has announced that it plans to acquire the technology assets of Diem for $182 million in a cash-stock deal, with plans to integrate the technology into Silvergate’s existing platform.
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