Libra getting ready for a relaunch with a new name Diem

Facebook has announced renaming its ongoing Libra Project to Diem. The company has also released a list of new executive members to join on- board.

Libra getting ready for a relaunch with a new name Diem

Libra Association recently announced to rename itself and be called ‘Diem Association’ from now on. The company in an announcement , introduced its new name and list of team members for its highly ambitious project. Diem project would continue to work towards making it easy, secure, and affordable to send money anywhere. The company has already replaced its titles from social media accounts and redesigned its website, attributed to Diem’. Report suggests that its currency will be called Diem Dollar. Diem means ‘new day’. CEO Stuart Levey believes that giving a new name will give a fresh start to the project.

CEO Stuart Levey said that 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.

The new name which means ‘day’ in latin indicates the project's ‘growing maturity and independence’. The company also announced the names of its new executive board members who will work alongside the existing leaders and carry forward the developments made so far. The new team will ensure technological and operational readiness for launch.
The list of names are as follow:

  • Dahlia Malkhi - Association’s Chief Technology Officer
  • Christy Clark -Chief of Staff
  • Steve Bunnell- Chief Legal Officer
  • Kiran Raj- Executive Vice President for Growth and Innovation and Deputy General Counsel
  • James Emmett- Managing Director
  • Sterling Daines- Chief Compliance Officer
  • Ian Jenkins as Chief Financial and Risk Officer
  • Saumya Bhavsar- General Counsel

The project still needs some key approvals. Levy also said that the licensing process is ongoing and the operational subsidiary of the Association is in active and productive dialogue with FINMA. The Swiss Financial Market Supervisory Authority or FINMA has received the application from Diem (earlier Libra) in April this year. Libra, now Diem, is the stablecoin project initiated by social media giants, Facebook backed by major brands. FINMA is a Swiss finance regulation body that looks after financial intermediaries such as banks, insurance companies, stock exchanges and securities dealers in Switzerland.

Diem is Facebook’s most ambitious crypto-project planned to be released in January 2021. Its value will be backed by the US dollar. However, the launch will very much depend on when the project gets a green signal from FINMA. Early this year, Visa, Mastercard, eBay, Stripe, and Mercado Pago have all withdrawn from the Libra Association stating to focus on more crucial services of their own. PayPal too withdrew support, later providing services to its own users. This has given a major blow to Facebook’s plans for a distributed, global cryptocurrency. Diem currently has 27 active members.

The social media giant Facebook had launched its plan to release Libra in June 2019. In the month of May, Facebook took a similar stand and renamed its wallet, Callibra to Novi. The name was changed to show solidarity with its dozens of other partnered brands like Spotify, Coinbase, Lyft, etc. Novi will enable instant transactions without hidden fees for worldwide money transfers.

In 2018, Mark Zukerberg indicated his interest in adoption of blockchain technology. In a post, he wrote that he wants to go deeper and study the positive and negative aspects of these technologies, and how best to use them in our services. Facebook has been regular in revising its attitude towards accepting blockchain and cryptocurrency. In 2018, Facebook revised its advertisement policies to include ads that promote cryptocurrency and related content from pre-approved advertisers on its platform. Last year, Facebook had announced a ban on crypto-ads mainly because of reported ICO scams. But later in 2019, Facebook had partially revised its policies allowed to publish ads prior permission.

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