Facebook announced last week that their digital payments platform, Novi, is nearly ready to launch across multiple states, having passed regulatory checks. Novi will use a stable cryptocurrency called Diem to launch payments across borders for the 2.7 billion users of the social network.
Silvergate, a US-based crypto bank that first partnered with the Facebook venture to create a stable coin last May, said in a release they paid $182 million for the operations infrastructure.