facebook-backed libra association rebrands as diem

The Libra Association, the group established by Facebook to advance its Libra cryptocurrency initiative, revealed this morning a change in its organizational identity – now operating as the Diem Association – and announced several important appointments in preparation for its upcoming launch.

This represents the most recent adjustment to the plan since the Libra project was initially unveiled last year. In response to concerns from global financial regulatory bodies, the association has altered its approach, moving away from the concept of a single, worldwide stablecoin. Instead, it intends to introduce a series of stablecoins, each linked to a distinct national currency, like the U.S. dollar and the euro.

The initiative has also experienced the withdrawal of several prominent partners, including Visa and Stripe. Furthermore, Facebook has updated the branding of its cryptocurrency wallet, renaming it from Calibra to Novi.

In an official statement, Diem Association CEO Stuart Levey indicated that the name change is largely intended to create distance between the organization and Facebook, as well as from previous issues that arose.

“The Diem project is designed to offer a streamlined platform that fosters innovation within the fintech sector and allows individuals and businesses to execute transactions that are fast, inexpensive, and highly secure,” Levey stated. “We are dedicated to achieving this while promoting financial accessibility – broadening opportunities for those who are underserved – and simultaneously safeguarding the financial system by preventing and identifying unlawful activities. We are pleased to present Diem – a new name reflecting the project’s increasing sophistication and autonomy.”

Regarding the new personnel, the additions include Dahlia Malkhi as Chief Technology Officer, Christy Clark as Chief of Staff, Steve Bunnell as Chief Legal Officer, and Kiran Raj as Executive Vice President for Growth and Innovation/Deputy General Counsel. Diem Networks, the division responsible for running the Diem payment network, has also brought on James Emmett as managing director, Sterling Daines as chief compliance officer, Ian Jenkins as chief financial and risk officer, and Saumya Bhavsar as general counsel.

Although today’s announcement lacks specific details regarding a launch date, it implies the association is preparing for a near-future rollout – contingent upon securing the necessary regulatory approvals, including a payment systems license for the Association’s operating subsidiary from FINMA.