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Silvergate Bank confirmed that it's purchasing Diem's development, deployment and operations tools, as well as tools "for running a blockchain-based payment network" for remittances and other applications. The Diem Association, the stablecoin project from Meta Platforms, will "begin the process of winding down" both the group and its subsidiaries over the next few weeks. Silvergate Bank described Diem's work as running "in a pre-launch phase."