Facebook’s embattled cryptocurrency project is likely coming to an end

Illustration by William Joel / The Verge

More than two years after it was first announced, the Facebook-sponsored cryptocurrency formerly known as Libra appears to be coming to an end. The Diem Association set up by Facebook to manage the digital token is exploring a sale of its assets after meeting resistance by regulators who opposed the initiative, according to a new report by Bloomberg.

The U.S. Federal Reserve “dealt the effort a final blow” by putting pressure on Silvergate, the banking partner that Diem said it was partnering with last year to launch the token, _Bloomberg_reports. I’ve also heard from someone involved that the Fed threatened Silvergate, putting the launch on ice.

A Diem Association spokesperson, Michael Crittenden, told The Verge that Bloomberg’s story...