Libra, the world’s largest social media Facebook’s crypto project, has been renamed “Diem,” Coindesk reported on the 1st.
The Libra Association, which oversees the Libra project, has also been renamed the Diem Association. Deiem means ‘a day’ in Latin.
The reason behind the change from Libra to Diem
“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,” Stuart Levey, Diem Association CEO, said in a press release today.
Regulators in each country voiced concern that it could threaten central bank currency sovereignty and infringe on privacy. The concern raised since Libra project first unveiling in June last year in several countries.
Accordingly, Libra changed its strategy from releasing a single digital currency to release it in several currencies. With each currency tied to certain traditional currency, Libra hoped it changed the first prejudice it received. While name change is believed to be aimed at revamping the negative image ahead of the launch of the service.
In its announcement today, Diem Association also announce a list of names in their new recruit. It includes:
- Dahlia Malkhi as Chief Technology Officer,
- Christy Clark as Chief of Staff ,
- Steve Bunnell as Chief Legal Officer,
- Executive Vice President for Growth and Innovation/Deputy General Counsel Kiran Raj.
Diem Networks, a subsidiary of Diem Association that will manage Diem payment system, has also hired several people. As follows
- James Emmett as managing director,
- Sterling Daines as chief compliance officer,
- Ian Jenkins as chief financial and risk officer and
- Saumya Bhavsar as general counsel.
Meanwhile, Reuters reported that Levy declined to comment on the release date of Diem. The British Financial Times recently reported that Facebook might release Diem soon. As soon as FINMA approves it and the timing might be as early as next month.
