Facebook’s Libra Rebranded To Diem: The Changes Continue

Facebook’s Libra rebranded to Diem, as a part of the ongoing changes to the company and this time with a brand new name. Facebook’s future cryptocurrency project is still changing so let’s read more in the latest Libra news today.

Facebook shook the world last year when it announced the plans to launch a digital currency named Libra. However, the social media giant’s efforts were crashed after the regulators of the world denied it and were worried about the implications so they decided to blowback the project. Facebook didn’t give up on the idea so they decided they should have a new brand name of the products.

IT all started with the change of Calibra wallet which became Novi, and today we can see that Facebook’s Libra rebranded its name to Diem. Stuart Levey, the CEO of the Geneva-based Diem Association behind the cryptocurrency, confirmed that the name change came as a direct consequence of the regulatory hurdles. He noted that the original name was connected to the original iteration of the project which is one reason why it didn’t pass through the regulators.
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However, he claims that the company “dramatically change that proposition.
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The Diem currency will now operate as a signal dollar-backed digital coin but Levey didn’t specify the timing of the launch yet. Some reports suggested that it could arrive as early as January 2021. Levey did explain that the Novi team already started building a new digital wallet that will hold Diem coins. Apart from waiting for approval from the Swiss regulators, the Diem Network is considering negotiations with the US federal and state regulators. However, Levey didn’t disclose the nature of these negotiations.

As recently reported in the libra news, Although Facebook failed to launch Libra in 2020 as planned initially, the social media giant could launch a scaled-down version in early 2021. Finance times cited three people that are already working on the project, claiming that Libra’s long-awaited launch will come in January 2021 but slightly different from the original version. Libra now shifted from the original idea of being a “single global digital currency” to creating a series of multiple digital coins. The Financial Times report asserted that Libra will see the light of day finally after receiving approval to function as a payments service from the Swiss Financial Market Supervisory Authority.