The Diem Association, a crypto initiative backed by Facebook-parent Meta Platforms, is selling its technology to crypto-focussed bank Silvergate Capital for $200 million, The Wall Street Journal reported. The sale comes as regulatory pressure endangered its stablecoin ambitions, according to Bloomberg . The move signals the total collapse of the Diem project, which has long faced delays and...
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Google, Nvidia and Microsoft Offer What VCs Can’t
Welcome back,Amid all the hype for generative artificial intelligence, some venture capitalists have refused to join the fray. These young companies need so much capital and so much computing resources, the VC skeptics say, that they’ll have little chance of competing against Google, Amazon and other big tech companies that may soon have similar products.Our recent reporting this week was a...
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MoonPay CEO, Other Executives Cashed Out Before Crypto Business Dropped
In November 2021, just as crypto prices were hitting all-time highs, MoonPay—a crypto payments startup that celebrities including Jimmy Fallon and Paris Hilton had praised for its non-fungible token “concierge” service— announced it had completed its first ever outside fundraising: an eye-popping $555 million round at a $3.4 billion valuation from investors including Tiger Global Management and Coatue Management.