Finance

Facebook-backed Diem is moving from Switzerland to the US

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The logo for Diem, formerly known as Libra, is seen is displayed on a smartphone screen with a Facebook logo in the background.

Pavlo Gonchar | SOPA Images | LightRocket via Getty Images

LONDON — Facebook-backed digital currency project Diem said Wednesday it has withdrawn its application for a Swiss payment license and will instead shift its operations to the United States.

The Diem Association, which oversees development of the Diem digital currency, had been pursuing a payment system license with Switzerland’s FINMA watchdog. Diem has now dropped plans to secure Swiss regulatory approval, while its U.S. subsidiary has partnered with Silvergate, a California state-chartered bank, to…



Source cnbc.com

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