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Carpe Diem! Meet Facebook’s Libra new look

Photo of: Joseph Stone
by Joseph Stone

A few weeks before the launch of a stable dollar corner, the Libra project is changing its name. Enough to make you forget its unfortunate episodes? The Libra Association, the pilot of the cryptocurrencies and payment network, is giving way to Diem.

A forthcoming launch and now a change of identity. Libra is getting ready to start on a new basis. Libra, or rather Diem, the association bringing together Facebook and its partners, is indeed changing its name.

Farewell to the Libra Association. The Diem Association succeeds it. In the same way, Diem Networks replaces Libra Networks. And these identity changes should therefore illustrate the project’s path “towards regulatory approval of the launch”.

“The Diem association will now adopt the name ‘Diem’, which marks a new day for the project. It will continue to pursue its mission to provide a safe, secure and compliant payment system that empowers individuals and businesses around the world,” the release said.

Compliance is Facebook’s top priority at the moment. Diem Association is currently working to “ensure that the project is designed to meet regulatory expectations. If its stable-dollar corner project is confirmed for January 2021, this step will indeed be unavoidable in the short term.

In order to obtain approval from the authorities, Diem can count on senior executives and their respective circles of influence. Diem thus employs Dahlia Malkhi as Chief Technology Officer.

Steve Bunnell will have his hands full in his mission as General Counsel. The same will be true of Kiran Raj as Executive Vice President for Growth and Innovation and Deputy General Counsel of Libra, Diem.

“This is an exceptional group of leaders and the establishment of the Diem Networks Executive Committee alongside existing leaders and colleagues is a crucial step in ensuring that Diem can operate with appropriate autonomy,” said Diem Association CEO Stuart Levey.

In September, Libra Networks, or now Diem Networks, welcomed new executives, including its director, James Emmett. The mission of this entity is to develop and operate the cryptocurrency payment system.

Under its new name, Diem will strive to make people forget the addictions tainting the Libra brand, and in particular its arm wrestling with the authorities. This strategy is no longer relevant, we are assured on the company’s side.

The Association promises to start only once it has received regulatory approval, “including a payment systems license for the Association’s operating subsidiary from FINMA. The international launch of PayPal’s crypto service, however, puts some pressure on the former Libra project.