After multiple failures, this tech company comes up with a crypto

Making a crypto is really not that easy. Tech company Meta also notices this after several failures.

We are talking about Meta here. Known from Facebook, among others. The company still plans to create a digital currency. This is according to a new report from the Financial Times. The news comes after Facebook reportedly abandoned its cryptocurrency plans last February.

It didn’t run smoothly. Meta launched a project originally called Libra when it was first announced in June 2019. But was renamed Diem, after it was critically viewed by politicians around the world. The company would be given too much power.

Mark Zuckerberg’s dream of issuing a digital currency seemed to have failed after politicians didn’t like it. A congressman, Brad Sherman of California, even told a Facebook executive during hearings in 2019 that a currency released by the tech giant would be worse than 9/11. Sherman called the hypothetical currency “Zuck Bucks,” a name apparently stuck internally on Facebook.

To persevere

Quiting is not an option. Zuckerberg continues to have the ambition to create a crypto. He has to do this in a way where he doesn’t get the same box of criticism again. Perhaps a collaboration with an existing party is an option. The Times writes that Meta staffers are trying to find the “least regulated way to offer a digital currency,” which shouldn’t surprise anyone. Meta has not yet responded to the renewed ambitions.