Facebook's Diem says it has withdrawn its application for a Swiss payment license and will shift its operations to the US via a California state-chartered bank
- Diem, the digital currency project backed by Facebook, has abandoned plans to secure a payment license from Switzerland's FINMA watchdog.
CNBC Ryan Browne
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Discussion
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@hedgemind
@hedgemind
on x
“Diem USD”, a stablecoin that Facebook plans to issue through Silvergate. Its original ambition to build a global payments network using blockchain still remains even though appears to be less ambitious than its Libra vision. $SI up ~14% in a.h. https://www.cnbc.com/... https://t…
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@regulatorynerd
Matt
on x
It's not rent a charter! Deposit partnerships are channel partnerships and allow banks to meet customers where they are — not at a branch or airport gate, but in the digital space where so many of us spend our time! https://twitter.com/...
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@rohangrey
Rohan Grey
on x
Diem has conceded it needs access to a US bank license to conduct it's operations. But rather than try & get its own, it's playing rent-a-charter games. If Diem wants to issue deposits it should get a license. No more fintech's using banks as shields https://www.cnbc.com/...
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@diemassociation
@diemassociation
on x
1/4 Diem is pleased to announce a partnership with @silvergatebank, a leader in financial innovation, for Silvergate to be the exclusive issuer of the Diem USD. Silvergate is a CA state-chartered bank and member of the Federal Reserve.
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@documentingbtc
@documentingbtc
on x
The Central Bank of Norway's 🇳🇴 Deputy Governor, “If money such as #Bitcoin or Diem become more dominating here at home, we will be moving towards a new financial system”