Silvergate Exchange Network (a subsidiary of Silvergate Capital) confirmed it was buying assets and intellectual property from Mark Zuckerberg’s Diem Group and hopes to launch a stablecoin by the end of the year.
If you remember, Diem was going to be Facebook’s stablecoin. It was not to be, mostly because it would have made Facebook the de facto world bank. Understandably, actual banks (and most governments) around the world had a bit of an issue with that.
Get ready for a bunch of CBDCs (central bank digital currencies) and a fair number of independent international stablecoins. (If the jargon is making you sad, check out our blockchain resource page and glossary.)
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About Shelly Palmer
Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with AI strategy, implementation and governance, as well as technology, media and marketing. Named one of LinkedIn’s Top Voices in Technology, he is a bestselling author, covers tech and business for Fox 5’s Good Day New York, is a regular commentator on CNN, and writes the popular daily business blog Think About This. Follow @shellypalmer or visit shellypalmer.com.