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October 2, 2022
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Facebook pound changes name to “diem”

Libra changed its name and recruited several high profile experts before the launch of “Diem”.

The Libra Association, a member organization of Facebook’s Libra initiative, announced that it has changed its name to “Diem” and recruited several world-class experts “as it moves toward regulatory approval for the launch,” according to a statement from press.

“Now, changing to the name ‘Diem’, which denotes a new day for the project, the Diem Association will continue to pursue the mission of building a secure and compatible payment system that empowers people and businesses worldwide,” said ad.

According to the launch, the Diem Association is currently focused on “ensuring that the project focuses on meeting regulatory expectations”. As part of that effort, the association hired a number of high-level experts, including 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 and deputy General Council .

“This is a stellar group of executives and having the Diem Networks Executive Committee alongside existing leaders and colleagues is a critical step for Diem to operate with adequate autonomy,” noted Stuart Levey, CEO of the Diem Association.

In September, the association appointed James Emmett, former chief executive of investment bank HSBC Europa, as CEO and managing director. Likewise, Sterling Daines, former managing director and global head of financial crime compliance at Credit Suisse, joined the organization in June.

The Association also emphasized that it will not proceed until it receives regulatory approval, “including a payment systems license for the FINMA Association’s operating subsidiary.”

“The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instant, low-cost and highly secure transactions,” added Levey.

Libra, the digital currency project initiated by Facebook, is scheduled for a “limited launch” early next year.

While payments giant PayPal – one of the original members who later jumped off the Libra ship – recently launched its cryptocurrency buying and selling service, Libra – now Diem – remains focused on its own stablecoin.

Source: decrypt

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