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Facebook (now known as Meta) founded The Diem Association in 2019 to build a payment network. The company is currently selling its technology to California-based bank Silvergate Capital Corp for around $200 million.
Meta revealed plans to roll out a “Calibra” digital wallet and a “Libra” virtual coin in June 2019. They later renamed the wallet to Novi in May 2020.
The Libra project aimed to help Facebook users spend money as easily as texting.
Libra has partnered with eBay, Mastercard, Stripe, PayPal and Visa to launch the project. In fact, the partners had also agreed to join the Libra Association, a Swiss-based group that would govern the stablecoin. Libra has raised concerns about its effect on financial stability, data privacy and the potential for misuse for nefarious purposes.
Meta owns a third of the company and other partners include Andreessen Horowitz, Union Square Ventures, Ribbit Capital, Thrive Capital, Singaporean public investor Temasek Holdings Pte.
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