This tech giant fails to make crypto again

It is also not that easy to make a digital currency. But this tech giant fails time and again to create a crypto.

Facebook is now called Meta. And the company buys up companies to guarantee the right to exist in the future. Think of Instagram and WhatsApp. Even if Facebook doesn’t run well, it can survive. Therefore, the company will always try to enter new markets in order to remain relevant. It has been trying to do that in recent times by developing a digital currency. What failed…

Tech giant Meta makes crypto

Everyone got scared. Meta Won’t Get Into Cryptos After All! Such a large company with so much money can build a crypto and make it successful. Things turned out differently, because Meta sold the lot. We know the currency as Libra. But due to all kinds of problems, the coin quickly got a bad reputation. That’s why it was renamed Diem. And the Diem Group has sold all its properties and technology. The selling price is estimated at 160 million euros.

This puts an end to Meta’s plans to launch a digital currency in the near term. When Meta came up with the idea, many organizations did everything they could to oppose the company. This includes the IMF, central banks and the Financial Stability Council. They were all very concerned. They see such a currency controlled by some companies as a threat to the global financial system. She also emphasized that Meta has problems with privacy violations.

Did not succeed

It forced Meta and partners to peg the currency to the dollar and not multiple foreign currencies. This would then become a stablecoin. This is a crypto that is fairly stable and safe to trade. Due to all the resistance, this did not work. Even the rebranding did not contribute to a happy ending.