Yet Another Relaunch for Libra as New Name Unveiled
It’s been really hard
keeping up with the ups and downs of Facebook’s embattled Libra stablecoin — and
now, the project has undergone yet another rebrand. The Libra
Association, the non-profit organization behind the controversial
digital asset, has now been renamed Diem… heralding “a new day for the
project.” Stuart Levey, the CEO of the Libra Assoc Diem Association,
said: “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.” Levey added that the
project is committed to promoting financial inclusion — serving
the underbanked while “deterring and detecting illicit conduct,” a nod to
regulators who have expressed serious reservations about the project. He
added: “We are excited to introduce Diem – a new name that signals the project’s
growing maturity and independence.” A series of new executives have been
appointed to the project in recent weeks, with reports in the Financial Times
suggesting that a stablecoin backed by the U.S. dollar could launch as early as
January. The rebrand comes just a few months after Calibra, the wallet that’s
designed to store this digital asset, was rebranded as Novi in order to avoid
confusion with Libra. Confusion is the right word to use. Why does this news
matter? It seems that the newfound Diem Association is trying to distance itself
from missteps that have been made in the past — and prove to regulators that the
organization has independence from Facebook. This is seen as important because
of how the social network has been embroiled in a series of privacy scandals,
with concerns over how it handles user data. But despite the new name, some
central banks continue to worry about the ramifications of a private company
launching its own digital currency — fearful that it could undermine fiat
currencies and put financial stability at risk. Subscribe to our newsletter!
There’s plenty more on this, Bitcoin’s price drama and the launch of Ethereum
2.0 in today’s newsletter — with a new edition delivered to your inbox every
weekday. Subscribe here!
It’s been really hard
keeping up with the ups and downs of Facebook’s embattled Libra stablecoin — and
now, the project has undergone yet another rebrand. The Libra
Association, the non-profit organization behind the controversial
digital asset, has now been renamed Diem… heralding “a new day for the
project.” Stuart Levey, the CEO of the Libra Assoc Diem Association,
said: “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.” Levey added that the
project is committed to promoting financial inclusion — serving
the underbanked while “deterring and detecting illicit conduct,” a nod to
regulators who have expressed serious reservations about the project. He
added: “We are excited to introduce Diem – a new name that signals the project’s
growing maturity and independence.” A series of new executives have been
appointed to the project in recent weeks, with reports in the Financial Times
suggesting that a stablecoin backed by the U.S. dollar could launch as early as
January. The rebrand comes just a few months after Calibra, the wallet that’s
designed to store this digital asset, was rebranded as Novi in order to avoid
confusion with Libra. Confusion is the right word to use. Why does this news
matter? It seems that the newfound Diem Association is trying to distance itself
from missteps that have been made in the past — and prove to regulators that the
organization has independence from Facebook. This is seen as important because
of how the social network has been embroiled in a series of privacy scandals,
with concerns over how it handles user data. But despite the new name, some
central banks continue to worry about the ramifications of a private company
launching its own digital currency — fearful that it could undermine fiat
currencies and put financial stability at risk. Subscribe to our newsletter!
There’s plenty more on this, Bitcoin’s price drama and the launch of Ethereum
2.0 in today’s newsletter — with a new edition delivered to your inbox every
weekday. Subscribe here!