Facebook's crypto venture to wind down after asset sale to Silvergate

Meta reports fourth-quarter earnings on Wednesday and plans to break out results of its metaverse-oriented hardware unit for the first time

Meta Platforms Inc-backed Diem Association sold its assets to crypto-focused bank Silvergate Capital Corp, Diem said on Monday, ending the tech giant's ambitious push to get its billions of users transacting in its own currency.

Silvergate said in a separate statement that it had paid $182 million for Diem's intellectual property and other assets.

The sale was the culmination of several years of struggle for Meta's fintech unit, which lost most of its leadership, including director David Marcus, amid an exodus of staffers in the fall. 

It also throws into question how Meta plans to handle commerce in the metaverse,