Facebook rebrands Libra to Diem

Post disclosing the launch of its digital currency, Facebook's blockchain project Libra rebrands the name to Diem. It means a day in Latin.

By · Dec 3, 2020 . 6min read

Facebook Libra latest news

Facebook’s Libra Association rebrands its name to the Diem Association before the proposed launch of its dollar-backed stablecoin. The Diem Association announced the name change on its website on Dec. 1, 2020. Moreover, Diem signifies a day in Latin.

According to the reports, the name rebranding is a step to inch a greater chance of obtaining regulatory approvals for its forthcoming Diem stablecoin currency by emphasizing the project and the association’s independence. Since its launch, the project has been continuously criticized by regulators owing to Facebook’s direct involvement. Regulators have expressed concerns about the perversion of the network for criminal activities and terrorism funding.

Facebook’s Diem strives to detach from regulatory hurdles.

Currently, the project is striving to distance itself from its past regulatory concerns. Conversing more about Libra’s rebrand to Diem, Diem Association’s CEO Stuart A. Levey states that it indicates maturity and agreement with the regulator’s demands. Levey further states that the group is happy to introduce Diem, a new name that indicates the project’s increasing maturity and independence. Moreover, Diem has also elected various new members to its team, which it believes will set it in a more favorable position to comply with regulations and operate with regulators. Thus, addressing this as more than just a name resolution.

The Diem currency would function as a dollar-backed digital coin. However, Levey declined to stipulate the launch’s timing; current reports suggest that it may appear as early as January 2021. Levey further explains that the Novi team has already begun developing a digital wallet to sustain Diem coins ultimately. Besides waiting for permission from Swiss regulators to launch, the Diem Network is also in discussions with the U.S. federal and state watchdogs. Nevertheless, Levey didn’t reveal the kind of those negotiations.

Diem has gone through several trademarks and brands in the past. Before the project was formally launched as Libra in mid-2019, it was named “Globalcoin” and “Facebook Coin”. The group also rebranded its Calibra wallet as “Novi” this May. The new name will require to stick for the project to succeed in the real world.

Conclusively, the underlying purpose of Libra’s rebrand to the Diem Association is to obtain crypto approval from legal authorities. Moreover, it aims to implement strategies to introduce the coin in a limited format. However, the name change may help decrease the regulatory barriers the project has been suffering.

Follow Cryptodose for more updates.

Share
       
         All News