Libra / Diem

2019-06-18

Facebook announces the Libra cryptocurrency project and publishes a whitepaper describing a multi-currency-backed stablecoin governed by the Libra Association, a Geneva-based nonprofit consortium. Calibra subsidiary announced as wallet provider.

2019-07-16

David Marcus, head of Calibra, testifies before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Senators express deep skepticism and distrust of Facebook's ability to steward a global currency.

2019-07-17

David Marcus testifies before the House Financial Services Committee. Chair Maxine Waters calls for a halt to Libra development.

2019-10-04

PayPal becomes the first major founding member to withdraw from the Libra Association, citing regulatory uncertainty.

2019-10-11

Visa, Mastercard, eBay, Stripe, and Mercado Pago announce withdrawals from the Libra Association, less than a week before the formal charter signing ceremony.

2019-10-14

Libra Association holds its first formal council meeting and charter signing in Geneva with remaining members.

2019-10-23

Facebook CEO Mark Zuckerberg testifies before the House Financial Services Committee on Libra and other topics for approximately six hours. Lawmakers from both parties express continued concern.

2020-01-21

Vodafone withdraws from the Libra Association.

2020-04-16

Libra Association publishes whitepaper version 2.0, replacing the multi-currency basket design with individual single-currency stablecoins and formally applies for a payment system licence from FINMA in Switzerland.

2020-12-01

The Libra Association rebrands as the Diem Association; the currency is renamed Diem. Facebook's Calibra wallet was already renamed Novi earlier in 2020.

2021-10-01

Facebook launches a limited pilot of the Novi wallet in the U.S. and Guatemala using the Paxos Dollar (USDP) instead of Diem, as Diem had not received regulatory approval.

2022-01-27

Reports surface that the Diem Association is in discussions to sell its assets after U.S. federal regulators made clear the project would not receive approval to launch.

2022-01-31

Diem Association announces the sale of its intellectual property and technology assets to Silvergate Capital Corporation for approximately $182 million ($50 million cash plus approximately 1.2 million Silvergate Class A shares). The Association announces it will wind down operations.

2022-02-01

The formal dissolution of the Diem Association is reported. Meta confirms the Novi wallet will also be shut down.

2022-07-01

Meta shuts down the Novi digital wallet, approximately ten months after its limited pilot launch.

2023-01-01

Silvergate Capital takes a $196 million impairment charge on the Diem intellectual property acquired in January 2022, writing down the assets to near-zero value and abandoning plans to launch its own stablecoin using the technology.

2023-03-08

Silvergate Bank announces voluntary liquidation and wind-down, following a bank run triggered by its exposure to FTX and crypto-sector withdrawals. The Diem technology assets acquired for $182 million are rendered worthless.