The Facebook-backed Libra Association is rebranding. The organization set up to support the Libra cryptocurrency is renaming itself the Diem Association, according to a statement released on Tuesday, December 1.
Diem Association CEO Stuart Levey said the project will continue working to “provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions.”
“We are committed to doing so in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence,” Levey added.
In its report, Coindesk said Diem is ready to launch its first stablecoin, the Diem dollar, once the new entity is licensed through Switzerland’s Financial Market Supervisory Authority (FINMA).
The Diem dollar, according to the association’s updated white paper, would comply with international regulations and have consumer protections.
Diem Association also hired some new people to fill in some roles. These include chief technology officer Dahlia Malkhi, chief of staff Christy Clark, chief legal officer Steve Bunnell, and executive vice president for growth and innovation and deputy general counsel Kiran Raj.
Diem Networks, the subsidiary in charge of the payment system, meanwhile hired James Emmett for its managing director position, Sterling Daines as chief compliance officer, Ian Jenkins as chief financial and risk officer, and Saumya Bhavsar for its general counsel.
Source Rappler