On Tuesday, The Libra Association, established by Facebook last year, announced its rebranding to Diem. The name originates from a famous Latin phrase ‘Carpe Diem’ which means to Seize the Day. The rebranding will help the association to distance itself from the controversial Facebook-led vision rolled out last year. The logo of the association remains the same, with the three purple swoosh symbols.
The organization has also concluded on its capable leadership team, with Dahlia Malkhi as chief technology officer, Christy Clark as chief of staff, and Steve Bunnell as a chief legal officer. Kiran Raj will be the executive vice president of growth and innovation and deputy general counsel. This new team joins the exciting leaders who include, CEO Stuart Levey, Managing Director James Emmett, Chief Compliance Officer Sterling Daines, Chief Financial Officer Ian Jenkins and General Counsel Saumya Bhavsar.
Diem Association CEO Stuart Levey said that the rebranding symbolized a ‘new day’ for the scheme to provide an innovative platform for several people to trade. The Diem new name signals maturity and independence. It will be a straightforward platform for fintech innovation to thrive and enable consumers and businesses to perform swift, affordable and very secure transactions. The company will also protect the integrity of the financial system by deterring and detecting illegal activities.
Libra: The Controversial Crypto
The much anticipated Facebook’s cryptocurrency will be launched soon. The single digital coin backed by the dollar has been a project that was first unveiled in 2019. Many original members departed, mainly financial services firms, because of regulatory threats before Libra was even commenced. The association secured its scope of the project, announcing in April 2020 that it would launch a series of stablecoins that were each supported by a single fiat currency.
The 27 strong Libra association will be responsible for the governance and issuing of the digital coin. Resistance from prime financial regulators, Central banks and significant governments has seen the project drag as other states chase CBDC’s, reacting to stable private coins like Libra. The US Senate probed over Facebook’s intentions to establish the Libra project since the social media platform is top-rated.
The Anticipated Launch Date
The mass of people that would have access to the Libra platform would significantly affect conventional financial systems causing significant concerns for regulators and governments worldwide. Libra had to push the launch date further to address some concerns from detractors.
Now with everything in place, the Diem Association has been actively engaging with governments and financial regulators. The association intends to proceed with the project’s launch once it has received the necessary regulatory approval.