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Facebook-backed Libra Association has been renamed Diem

2020-12-01 17:33 by
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Libra, the cryptocurrency spearheaded by Facebook, got a new name on Tuesday, a move designed to reinforce "its organizational independence" as the ever-shrinking project seeks regulatory approval.

The cryptocurrency and the body that organizes it will now go by the moniker Diem, the association said in a media release. The new name, which means "day" in Latin, reflects "the project's growing maturity and independence," said Diem Association CEO Stuart Levey.

The name change comes after a thorough reshuffling of Libra's original team and, to an extent, its vision. This included adding new key executives (Stuart Levey, the current CEO joined the company in May 2020), and adding new partners (Paradigm, Slow Ventures, Blockchain Capital) after shedding some old ones (PayPal, MasterCard).

The group said the renaming represents a "new day" for the project and maintains the goal of creating a secure and straightforward platform to conduct quick and low-cost transactions worldwide.

Facebook gave over control of the project to a 21-member team tasked with overseeing the cryptocurrency's launch.Now, the new Diem Association plans to take a slow and more focused approach to issue a stablecoin — a digital currency tethered to an outside asset — connected with the U.S. dollar.

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