We’ve purchased blockchain payment network assets from Diem Group
In January 2022, we announced that we acquired intellectual property and other technology assets related to running a blockchain-based payment network.
By integrating these assets with the Silvergate Exchange Network (SEN), we’re one step closer to launching a next-generation global payment system that is faster, easier to use and more cost-effective than existing solutions.
For more information, see our press release or review the FAQs below.
What assets did you acquire?
The assets we acquired include development, deployment and operations infrastructure and tools for running a blockchain-based payment network, which is designed to facilitate payments for both commerce and cross-border remittances. The network was built by a world-class group of engineers over a two-year development cycle with architectural quality evidenced by its security, reliability and scalability.
What do you intend to do with the assets you acquired?
As previously stated in our Q4 2021 earnings call, it remains our intention to launch a stablecoin in 2022. The acquisition of these assets brings us one step closer to launching a meaningful payment system that is faster, easier to use and more cost-effective than existing solutions.
What's happening to the Diem Association?
For more information regarding Diem’s status, please see its statement. We are grateful to the community of engineers and developers who created this technology and have advanced it to its current evolution. Silvergate is committed to continuing to foster the community-driven aspects of the technology, and we believe that the existing contributors will be excited about our vision going forward.