The Facebook-backed Libra Association has announced a rebranding of its “Libra” digital currency which will now be called “Diem.”
According to the Libra Association, a group created by Facebook to support its Libra cryptocurrency project, the digital currency will now be rebranded as Diem, a recent announcement on the Diem website states.
The announcement states:
The Libra Association announces the adoption of a new name and the recruitment of key executives, reinforcing its organizational independence as it progresses toward regulatory approval for launch. Now transitioning to the name “Diem”, which denotes a new day for the project, the Diem Association will continue to pursue a mission of building a safe, secure and compliant payment system that empowers people and businesses around the world.
The Association has been focused on ensuring that the project is designed to meet regulatory expectations, consistent with the Association’s guiding principles of innovation, inclusion, and integrity. “The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions,” said Stuart Levey, the Diem Association’s CEO. “We are committed to doing so in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence.”
The group also announced the addition of a number of industry professionals who will help to lead the Association and Diem Networks, which is the subsidiary that operates as the regulated payment system operator for the current. Diem has announced the appointment of Dahlia Malkhi as the Association’s Chief Technology Officer, Christy Clark as Chief of Staff, Steve Bunnell as Chief Legal Officer, and Kiran Raj as Executive Vice President for Growth and Innovation and Deputy General Counsel.
The Facebook cryptocurrency was announced last year but almost immediately faced regulatory hurdles. In response to this, the digital currency shifted its strategy away from creating a global stablecoin and instead plans to launch multiple stablecoins, each of which will be linked to a different fiat currency such as the euro and U.S. dollar.
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