Facebook virtual currency 'Libra' renamed to 'Diem', management organization reorganized
On December 1, 2020, the name of the Facebook-led
Announcing the name Diem. Executive leadership in place in preparation for launch. | Diem Association
https://www.diem.com/en-us/updates/diem-association/
Facebook-Backed Libra Association Changes Its Name to Diem --Bloomberg
https://www.bloomberg.com/news/articles/2020-12-01/facebook-backed-crypto-group-libra-changes-name-to-diem-network
Libra cryptocurrency renamed Diem to add distance from Facebook --SlashGear
https://www.slashgear.com/libra-cryptocurrency-renamed-diem-to-add-distance-from-facebook-01649347/
On December 1st, the Libra Association said on its official website, 'We are announcing the recruitment of new names and key executives to strengthen the independence of the organization,' and the name 'Libra' was changed to 'Diem.' Announced that the name has been changed. As a result, the Libra Society has also been renamed to the Diem Society.
Diem is the Latin word for 'one day,' and Stuart Levy, CEO of the Diem Society, said, 'I like the meaning of a new day for the project. We were looking forward to a new start. I said.
Libra, the predecessor of Diem, was announced by Facebook in June 2019 with the goal of becoming a new currency and payment service that will save 'people without bank accounts' who make up about one-third of the world's population. It is a virtual currency. However, France and Germany have announced that they will block Libra due to concerns about its security and its misuse for crimes such as money laundering. Partner companies also withdrew one after another, and the number of partner companies, which was initially aimed at 100, remained at 27, and the situation was severe even before the official service started.
Partner companies withdraw from Facebook's virtual currency 'Libra' one after another --GIGAZINE
In order to overcome this situation, the Diem Association announced that it would change the name of the currency and the operating organization and at the same time strengthen the operating system. We have appointed Dahlia Malkhi , a distributed systems expert, as CTO, and Kiran Raj as Executive Vice President for Growth and Innovation.
At the same time, we are reorganizing our operating structure, including dedicating James Emmett, managing director, who was a member of the association's executives, to the leader of Diem Networks, Diem's payment system. 'Placing a good management team with existing leaders as an executive officer of Diem Networks is an important step in running Diem with proper autonomy,' said Levy. I will.
Diem has restarted under a new name and organization, but it is expected that the situation will continue to be difficult. 'The shrinking Diem project seems to make it less attractive, and competition with existing stable coins such as Tether and USD Coin is intensifying,' said Bloomberg, an economic magazine. I pointed out.
The Diem Association plans to officially launch the service after being reviewed and approved by the Swiss Financial Markets Research Authority (FINMA) . The specific timing of the service launch is unknown at the time of writing the article, but the Financial Times reports that 'it is likely that the service will officially launch in January 2021.'
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