The Libra Association announced that it has decided to rebrand itself by adopting an entirely new name. The association will be called “Diem” after the Latin word for “day”. This marks a fresh start for the association just months before its official launch in January 2021.
The main endeavor of the organization is to provide a trusted payment system for both consumers and businesses all around.
Facebook launched the Libra project back in 2019 with the intention of developing a stablecoin backed by various currencies. This would allow it to be used worldwide. However, due to backlash from industry regulators, Libra had no other choice but to drop the multi-fiat approach, and focus on a single dollar-pegged stablecoin.
Libra, now called Diem, wishes to fix things this time with the regulators, and the change in its name seems more like a symbolic step towards the right direction than anything else. The Diem association is committed to maintaining the integrity of the financial system, is what the group released as a statement.
The announcement released by Diem indicated that it has moved a step forward by recruiting crucial executives to help strengthen its organizational structure. These new recruits include
- Dahlia Malkhi as Chief Technology Officer
- New Chief of Staff Christy Clark
- Steve Bunnell in the role of Chief Legal Officer
- Kiran Raj as the Executive Vice President for Growth and Innovation.
The Diem Association has 27 supporting members under its brand including Spotify, Shopify, Blockchain Capital, Coinbase, Slow ventures, and other giants.